As 2020 is coming to a close, here are four tax planning moves you should consider. Here are a few time-tested tax strategies to consider as we head towards the end of 2020: Maximize retirement plan contributions. You’ve heard this advice many times, because it’s one of the best strategies for saving tax dollars, especially when …
Category: Planning
15 Year-End Tax Tips
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching. 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 …
Age (not death!) and Taxes
Age does matter, when it comes to tax obligation One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze here is a chart that outlines key ages and …
Lower Your Taxes THIS YEAR!
Here are 6 ideas that most people can use While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer's …
This Estate Planning Mistake Could Cost You Thousands
While you may never need to worry about forking over an estate tax payment to the federal government, there is a financial trap hidden within your estate that could bite you big time. Spend a few minutes with the following example to see where you could get tripped up by a simple mistake that could …
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Don’t Let Plummet in IRS Audits Lead to Complacency
Prepare for an IRS audit despite a low risk for getting selected. In 2018, the most recent year for which the IRS has released information, you have a 0.05% chance of getting audited if you make more than $1 million. In comparison, if you made more than $1 million in 2010, you had a 9.72% …
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The Lost Art of Tracking Home Improvements
How a tax law makes us sloppy and creates a tax risk One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a …
Don’t Run the Risk of a High Tax Bill!
Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking advice …
Reminder: Third Quarter 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 third quarter due date is now here. Due date: Tuesday, September 15th, 2020 Remember, you are required to …
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Donating Stock to Charities Can Yield Bigger Tax Savings
Scrolling through your inbox, you come across an e-mail from your favorite charity asking for a donation. You've been meaning to make a contribution for a while now, but just never got around to sending them a payment. But you're ready to do it now, and you're cyber smart, so you avoid the e-mail and …
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