"Tis impossible to be sure of anything but death and taxes." The Cobbler of Preston by Christopher Bullock (1716) This old adage by Christopher Bullock is still true today, but there's actually a third certain thing in life - fluctuating tax rates! The past 50 years includes a roller coaster of increasing and decreasing tax rates depending …
Category: Planning
Tax-Free Roth IRA Withdrawal Options
What every Roth IRA account holder should know Withdrawing funds from your retirement accounts must be done carefully to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. Here are some tips for Roth IRAs. Roth IRA basics Roth IRA accounts differ from other IRAs in that your contributions …
Reminder: Estimated Taxes 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 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
August 31 is New Deadline to Avoid Distribution Tax Hit
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
Five Big Tax Mistakes
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 …
Tax Planning Insights
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. …
Estate Taxes: What EVERYONE Should Know
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. …
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