Tip Category: Planning At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review. 1. Make last minute charitable donations. Pay attention to your itemized deduction limit to ensure your deduction …
Category: Planning
Estate Taxes: What EVERYONE Should Know
Tip Category: Planning 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 most recent change is scheduled to take place after 2025. The best …
Reminder: Third Quarter Estimated Taxes are Due
Now is the time to make your estimated tax payment Tip Category: Planning 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: Monday, Sept. 16, 2024 You are required …
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A Dozen Tax Planning Triggers
Tip Category: Planning Now is the tax planning season. Those that treat tax filing as an event and not a process often are the ones paying more than they need. So how do you go about moving from the event to planning? By looking at triggers that should stimulate a discussion. Here are some of the …
Five Big Tax Mistakes
Don't let them happen to you! Tip Category: Planning 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 …
Reminder: Second Quarter Estimated Taxes Are Due
Now is the time to make your estimated tax payment Tip Category: Planning 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: Monday, June 17, 2024 You are required …
Continue reading Reminder: Second Quarter Estimated Taxes Are Due
Roth versus Traditional IRA: Which is Better?
Tip Category: Planning For most taxpayers, you have until April 15th of the following year to contribute up to $7,000 ($8,000 if age 50 or over) into a Traditional IRA or a Roth IRA. Is an IRA an option worth considering for you? If so, which is better? Traditional IRA A Traditional IRA is an individual …
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Great Tax Reduction Ideas
Tip Category: Planning 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 a good time to review …
Take Advantage before Changes Occur
Plan now for tax changes coming at the end of 2025 Tip Category: Planning Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This means you have this year and next to take advantage of the current rules. That doesn’t mean Congress won't extend the current …
Ideas for a Great Refund
Getting a refund. Get the most out of it with these ideas. Tip Category: Planning Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt. If you have debt, a great spending priority …
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