This Year's tax return will be as complicated as ever. Here are changes to plan for your situation. Navigate this Year's Tax Season Welcome to the new year! And welcome to another interesting and challenging tax filing season. As you start putting together your materials to file your tax return, here are the major changes …
Category: Planning
Leveraging Kiddie Tax Rules Tax Saving tips for parents and grandparents
A great way to shelter over $1,000 from tax each year is to leverage the kiddie tax rules. Here is what you need to know. Now is the time to take action on reducing next year's tax bill. One area to help reduce your tax obligation is leveraging your kids to the fullest by understanding …
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Plan Your 2022 Retirement Contributions
As part of your planning for next year, now is the time to review funding your retirement accounts In 2022. With the cost of living calculations and increases in inflation, higher phaseout limits make many more taxpayers eligible for fully deductible contributions. So plan now to take full advantage of this tax benefit. Here are …
15 Year-End Tax Tips
There are still a few weeks left in the year to reduce your tax obligation. Here are 15 great ideas. It's that time again! The final chance to reduce your annual tax bill is here. Spend a few minutes considering the following ideas:1. Make last minute charitable donations.2. Review and maximize use of the $15,000 annual gift …
Tax Planning Insights: November 2021
Here are several tax moves to consider as 2021 comes to a close. In this issue:Tax Cutting Actions to Take Before Year-End Accelerate income into 2021. Income tax rates may increase in 2022, with the top income tax rate projected to increase from 37% to 39.6%. If it makes sense, take advantage of 2021's 37% rate …
A Dozen Tax Planning Triggers
Taxes and the amount you pay is not all up to chance. Here are a dozen reasons to sit down with a professional to review your situation. With all the tax law changes over the past few years, here are some things that should trigger you to conduct a full tax planning session to ensure …
Tax Planning Insights: October 2021
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. The Mutual Fund Tax Surprise!Some tax planning tips for mutual fund investors From a tax planning viewpoint heading into the 2021 tax season, here are some great mutual fund tips to avoid …
Tax Planning Insights: September 2021
As states create tax laws to capture revenue from non-resident individuals and small businesses, many are caught unaware of the changing state tax landscape. Make sure this doesn't happen to you. State Taxing Authorities Are Coming After Your Money Laws have been created that snag taxpayers everywhere New state tax laws are making more and …
Reminder: Third Quarter Estimated Taxes Due
Make your estimated tax payment now If 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: Wednesday, September 15th, 2021 Remember, you are required to withhold at least 90 …
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The Tax Impact as Your Children Grow Up
Prepare now for potential income tax hits As your children grow older, you can easily be surprised by a larger tax bill. To help ease the possible burden, consider these tax implications as your dependent children age. A higher tax bill in your future At age 6: Loss of excess Child Tax Credit. In 2021, the …
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