Excess gift giving could cause a tax surprise The gift tax is one of the most misunderstood provisions in the tax code. Here is what you need to know. Tip Category: Planning In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount …
Category: Planning
Tax Planning Insights: March 2023
It's never too early to start thinking about tax planning strategies for 2023. Here are some ideas. Also read about how to avoid IRS underpayment penalties. Category: Planning If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would …
The Marriage Penalty is Alive and Well
High income disparity between spouses is one of the most common situations victimized by the marriage penalty. Tax planning can help you reduce the impact on your tax bill. Tip Category: Planning Despite what you may think, the marriage penalty is still alive and well. Whether you’re changing your filing status in 2022 because of …
How to Handle All Those Forms
During tax season, gathering all your forms is important because the IRS also gets copies. Leave anything out and you may get a deficiency notice. Tip Category: Planning Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your …
Tax Planning Insights: December 2022
Tax court cases provide pain for some, but tremendous learning for the rest of us. Here are two recent cases and what they mean to you. If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to …
5 Year-End Tax Essentials
The time to make moves that limit your income taxes for the 2022 tax year is quickly closing. Schedule a year-end tax planning session today. Tip Category: Planning Before 2022 comes to a close, take some time to review these essential items to ensure you are not missing something that could cause tax trouble when …
Lower This Year’s Tax Obligation
Lower This Year's Tax Obligation! Tip Category: Planning Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2022. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle …
Reduce Your Medical Expenses
Tax smarts that make a difference Tip Category: Planning Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $30,260 on healthcare in 2022 – a $4,699 increase from 2020. Below are some ways you can save tax dollars when paying those medical …
Reminder: Third Quarter Estimated Taxes Due Now is the time to make your estimated tax payment
Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider. Tip Category: PlanningIf you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here.Due date: Thursday, Sept. 15, …
Tax Planning Insights: August 2022
Early withdrawal of money in retirement accounts can be tempting. But before taking action it is always best to understand the ramifications of your action. Here are some thoughts on the subject. If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter.Call …
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