You may be considering booking stock losses due to recent market drops in order to save on your bill from Uncle Sam. Selling losers can be a great strategy when these losses can offset stock gains and up to $3,000 in excess stock losses can offset your ordinary income. However, there is a little known …
Retroactive Provisions Provide Tax Relief for Businesses
Several new laws have provided pandemic relief for businesses this year. While several sections of these laws receive the lion's share of attention, such as the Paycheck Protection Program, you may not have heard about three other less-talked-about sections that are as equally valuable and that you can apply retroactively. Net Operating Losses. When your company’s …
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Tax Surprises for the Newly Retired
You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn your plan on a dime. 1. Health emergencies and long-term care. When a simple procedure could …
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 …
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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 …
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July Client Update Newsletter
IMPORTANT! You May Owe a Tax Payment This Month Find out if you owe the IRS an estimated tax payment You may owe the IRS a tax payment for your 2020 tax return and not know it. Most Americans have income taxes withheld from their paychecks, with their employer sending a tax payment to the …
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 …
SBA, Treasury to publish names of some PPP loan recipients
The U.S. Small Business Administration (SBA) and Treasury have agreed to publish the names and amount ranges for all recipients of Paycheck Protection Program (PPP) loans of $150,000 or more. In a news release issued Friday night, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said they had reached an agreement with the bipartisan …
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Tax Tips to Aid in Retiring Early
Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help you …
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. …
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