Large retirement account balances can cause tax problems Tip Category: Planning Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach age 73, the trigger requiring minimum distributions (RMDs) from qualified retirement …
Category: Planning
Employee Tax-Free Income
Take advantage of all tax-free ideas. Many of them come from your employer. Here are a few to consider. Tip Category: Planning While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of …
Reminder: Third Quarter Estimated Taxes 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: Friday, Sept. 15, 2023 You are …
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Tax Tips for Those Getting Married
Know someone getting married? Send them this tip now. Tip Category: Planning If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by filling …
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: Thursday, June 15, 2023 You are required …
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New College Savings Option
Wow! Now there is a way to help a student without impacting their federal aid package. Here's how to do it. Tip Category: Planning Beginning in 2023 there is a new way to save money for college that won't impact your student’s ability to qualify for financial aid. This change is in the 529 college …
Improve Next Year’s Tax Situation Now!
Whether you receive a big refund or pay taxes on tax day, taking action now can ensure next year's tax bill is optimized by not paying a dollar more than necessary. Tip Category: Planning Whether you receive a big refund or pay your taxes on tax day, taking action now can ensure next year’s tax …
Replacing Lost Tax Breaks for Your Growing Children
Tax breaks drop dramatically as your children grow up, starting with age 13, but you may be able to offset the losses with some timely tax planning. Tip Category: Planning Your kids are getting older. Before you know it they’ll be dating, driving and entering college (if they aren't already!). Tax breaks drop dramatically as …
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Understanding the Gift Giving Tax
Excess gift giving could cause a tax surprise The gift tax is one of the most misunderstood provisions in the tax code. Here is what you need to know. Tip Category: Planning In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount …
Tax Planning Insights: March 2023
It's never too early to start thinking about tax planning strategies for 2023. Here are some ideas. Also read about how to avoid IRS underpayment penalties. Category: Planning 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 …
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