Prepare now for potential income tax hits As your children grow older, you can easily be surprised by a larger tax bill. To help ease the possible burden, consider these tax implications as your dependent children age. A higher tax bill in your future At age 6: Loss of excess Child Tax Credit. In 2021, the …
Category: Planning
Tax Planning with Mutual Funds
Ten ideas to maximize the benefits of your investments Mutual funds benefit from the long-standing belief that they allow investors to diversify their holdings without buying individual stocks. But to the unwary investor, tax surprises are abound. From a tax planning viewpoint, here are some great mutual fund tips. Most of these tips assume your …
Borrowing Money from Your 401(k) – Good idea? …not so much
Considering loaning yourself money from your retirement account? Read this first! For years you have put away money from your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan …
Continue reading Borrowing Money from Your 401(k) – Good idea? …not so much
Tax & Business Newsletter: June 2021
Here are several tax planning moves to consider this summer for your business. Also read about why a buy-sell agreement is a document you'll want to have for your business. Tax planning for small businesses isn’t restricted to the end of the year. There is plenty you can do in the summer months to reduce …
Tax Planning Insights: June 2021
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 Reminder: Second quarter estimated taxes are due Tuesday, June 15th. 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 …
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Tax Planning Insights: May 2021
A big surprise can occur when you see your Social Security retirement benefits being subject to income tax. This "tax torpedo" is often triggered by retirement account distributions. Beware the Tax Torpedo! Large retirement account balances can cause Social Security tax problems Building a nest egg and holding a majority of your assets in your …
Adjust to Pandemic Rule Rollbacks
Many pandemic related tax rules are scheduled to fall off the books in 2021. Are you prepared? It’s hard to believe a little over a year ago the COVID 19 pandemic hit everyone. As things slowly turn back to normal, you need to be ready for the normalizing of the tax rules and adjusting to …
Yikes! You Have a Large Refund
Good news, that is sometimes not so good. Getting a tax refund is not all it's cracked up to be. Here are some things to consider. For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may help your savings account, it is not always …
Tax Planning Insights: March 2021
In this issue: Major Life Events May Mean Major Tax Changes Major life changes can be stressful, not least because they often affect your taxes. The following are just some of the many life events that you’ll encounter, along with some tips on how to cut your tax bill or save money. Getting married. Your marital …
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