Commonly overlooked tax deductions that everyone should know. The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since mid-year is …
Category: Planning
Tax Planning Insights: June 2022
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. …
Reminder: Second Quarter Estimated Taxes Are Due
Now is the time to make your estimated tax payment 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 second quarter due date is now here.Due date: Wednesday, June 15, 2022You are required to withhold at least …
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Withholding Review Required Now
Avoid tax surprises with a simple review With tax season in the rear view mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year's tax bill does not surprise you.A review is more important than everThere are a number of tax code changes that will …
Tax Planning Insights: April 2022
Reviewing who receives your assets when you die requires annual review. Here's Why. The Importance of a Beneficiary Review - Now!It's easy to lose track of beneficiaries you've assigned to your key accounts and other important documents. Should something happen to you, this situation can create a mess. The press is filled with examples of …
Do You Need to File a Tax Return? – Getting this wrong can cost you
One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty. Here are some quick tips to help you determine your answer.• Income thresholds matterIf your gross income is …
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Common Tax Increase Surprises – I did not owe that last year!
Avoid tax increase surprises at the filing deadline by reviewing these common causes now. Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when this year, you are required to send in a fairly big check to settle your tax …
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Tax Planning Insights: February 2022
When creating a trust, you need to consider how the money and assets inside the trust will be taxed. Here are some suggestions for effectively dealing with the tax liability created by a trust. Tax Strategies for Your Trust and EstateThere are many legal reasons why you would want to create a trust, including to …
Tax Planning Insights: January 2022
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 …
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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