Tax season is off and running! For some, filing taxes is as simple as hunkering down in front of the computer with do-it yourself tax software. For most others, the process can quickly become complicated: Did you buy or sell a home? Did your mother-in-law move in? Did you begin taking RMDs? Do you have …
Continue reading “The Dos and Don’ts of Choosing a Tax Preparer”
The new year is here, but we aren’t leaving 2022 behind just yet! It’s time to brace ourselves for the 2022 tax season. According to a survey from the Pew Research Center, over half of Americans dislike filing their taxes. Could such distaste be due to the ever-changing rules and regulations? The copious amounts of …
With the end of 2022 on the horizon, it’s important to remember that financially, we are living in uncertain times with inflation, volatility and unpredictability. It’s more important than ever to be fiscally cautious, aware and responsible by saving, reducing taxes, reviewing investment allocations and planning for 2023. Here are 5 key financial steps to …
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Donor-advised funds are a form of charitable giving rapidly rising in popularity. According to the National Philanthropic Trust, 2020 marked over 1 million active accounts, with contributions towards said accounts making up 10.1% of giving that year. The act of donating to a good cause may speak for itself, but it’s only natural to wonder: …
Continue reading “Tax Advantages of Opening a Donor-Advised Fund”
We cannot let a year go by without changes to the income tax regulations. The new Inflation Reduction Act of 2022 brings a number of tax law changes. The following are some of the more significant items: For those who receive Advance Premium Tax Credits for their Health Insurance Exchange (Obamacare) premiums, the Inflation Reduction …
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It feels great skipping out on taxes and saving towards retirement by contributing to an IRA, but not so much when it comes time to withdraw that money – and pay those taxes. Hefty required minimum distributions (RMDs) can push you into a higher income bracket, which means paying even more taxes. Sound like you …
Continue reading “4 Reasons to Consider Making a Qualified Charitable Distribution (QCD)”
When it’s tax time, one of the first decisions facing many folks is whether to use a tax professional or to do it yourself. If you are at this juncture, here are a few considerations. Is a Self-Driven Software Package Right for Me? This could be the right answer for many people. If you …
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In a year which many thought would never end, miraculously we have found ourselves in December. Before the clock strikes midnight on New Year’s Eve, there are some easy steps to take on your own to prepare yourself for the upcoming Tax Season. While we highly recommend turning to trusted tax professionals for your tax …
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As the coronavirus pandemic continues to upend daily life for millions of Americans, the IRS has issued additional guidance for taxpayers. From extended deadlines to stimulus checks, these are the changes we can expect: Extended deadlines The filing and payment deadline has been extended from April 15, 2020 to July 15, 2020. This extension …
How do you file taxes for a deceased family member? When someone close passes away, taxes are the last thing on your mind. Unfortunately, the death of a family member often raises tough financial questions regarding the deceased’s assets and estate. Here’s a quick guide to get you through. 1. Determine if the deceased is …
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Do you need a tax preparer? If you’re used to doing your taxes on your own or with a DIY software service, it can be hard to tell. Here are a few reasons you might want to enlist the help of a tax professional. 1. You have a complex return Whether you’re retired, own rental …
1. Max Out Your Contributions There’s still time to max out the contributions on your retirement account. Making the maximum contribution to your IRA or 401(k) boosts savings and reduces your taxable income. In 2019, contribution limits increased to $19,000 for 401(k)s and $6,000 for IRAs and Roth IRAs. If you’re over 50, you can …
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