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 …
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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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 …
The best retirement plans let you hope for the best and prepare for the worst. From stock market free-falls to soaring inflation, there are five major retirement risks that your retirement plan must be ready to handle. In this article, we explore each risk, as well as strategies you can use to keep your nest …
Year-end tax planning can help you take advantage of the sweeping changes contained in the Tax Cuts and Jobs Act. Whether it means limiting your tax liability, increasing your refund, or saving on your tax bill, a short meeting with your tax advisor before December 31st will allow you to strategize your financial decisions to …
Continue reading “Year-End Tax Planning and the Tax Cuts and Jobs Act”
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