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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 1st AND 2nd quarter due date is now here. Due Date: Wednesday, July 15, 2020 You are required to pay, or withhold from your paycheck, at least 90 percent of …
Continue reading Reminder: Estimated Taxes Due Now is the time to make your estimated tax payment
Did you receive a required minimum distribution from a retirement account in 2020? If so, you may be able to return it to another retirement account by August 31 without taking a tax hit. Here is what you need to know: Background on distributions and roll overs You generally must begin taking distributions from IRAs …
Continue reading August 31 is New Deadline to Avoid Distribution Tax Hit
Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax return. Don’t be too hard on yourself if …
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 discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free to send it to them. …
Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the estate tax. …
