Tag: tax guide

Choosing an Income Tax Filing Status

Sep 18, 2023

How should you file?

Selecting a filing status is one of the first decisions you’ll make when you fill out your federal income tax return, so it’s important to know the rules. And because you may have more than one option, you need to know the advantages and disadvantages of each. Making the right decision about your filing status can save money and prevent problems with the IRS down the road.

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Retirement Plans for Small Businesses

Jun 26, 2023

As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed certain tax benefits for establishing an employer-sponsored retirement plan, including a tax credit for establishing the plan and a deduction for contributions you make. In return, however, you’re required to include certain employees in the plan, and to give a portion of the contributions you make to those participating employees. Nevertheless, a retirement plan can provide you with a tax-advantaged method to save funds for your own retirement, while providing your employees with a powerful and appreciated benefit.

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Retirement Preparation Mistakes

Jan 31, 2022

Hand writing Time to Retire concept with red marker on transparent wipe board.

Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps during retirement preparation.

Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we prepare for and enter retirement. (more…)

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IRA Contributions are Approaching Deadlines

Jan 7, 2022

IRA Contributions Sticky Note
Here is what you need to know.

Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2021, will see a few changes and distinctions especially with IRA contributions. (more…)

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2022 Contribution Limits

Nov 24, 2021

2022 Contribution Limits
Is there time to contribute more?

Preparing for retirement just got a little more financial wiggle room. This week, the Internal Revenue Service (IRS) announced new contribution limits for 2022. (more…)

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Are Your Taxes Going to Change?

Sep 24, 2021

changes in legislation
Wise investors take the “big picture” view when it comes to taxes

Most likely, you’ve heard what’s brewing in Washington, D.C. called by one of these names. The Build Back Better Act. Or the $3.5 trillion budget reconciliation bill. Or the Jobs and Economic Recovery Plan for Working Families. But could it affect your taxes? (more…)

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Expanded Child Tax Credit

Aug 9, 2021

Child Tax Credit Post it note
Changes made for this year

The federal government has upgraded its Child Tax Credit. Thanks to the American Rescue Plan Act, there are four notable differences in effect for the 2021 tax year only.1 (more…)

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Tax & Estate Strategies for Married LGBTQ+ Couples

Jun 4, 2021

The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or are considering updating your estate strategy, here are some important things to remember. (more…)

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Debate Starts on Capital Gains Tax

Apr 30, 2021

Now and again, the price action on Wall Street can surprise even the most seasoned investors. Look no further than when President Biden in late April proposed an increase in the tax on capital gains to 39.6% from 20% for those Americans who earn more than $1 million. (more…)

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The IRS Extends Additional Tax Deadlines

Apr 26, 2021

Previously, the Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year had been automatically extended from April 15, 2021, to May 17, 2021.1 (more…)

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More Insights

Oct 2, 2023

As a business owner, you’re going to have to decide when will be the right time to step out of the family business and how you’ll do it. There are many estate planning tools you can use to transfer your business. Selecting the right one will depend on whether you plan to retire from the … Continue reading “Transferring Your Family Business”

Sep 29, 2023

Incapacity means that you are either mentally or physically unable to take care of yourself or your day-to-day affairs. Incapacity can result from serious physical injury, mental or physical illness, advancing age, and alcohol or drug abuse.

Sep 27, 2023

Bonds may not be as glamorous as stocks or commodities, but they are a significant component of most investment portfolios. Bonds are traded in huge volumes every day, but their full usefulness is often underappreciated and underestimated.

Sep 25, 2023

Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children’s education, pay off your … Continue reading “Life Insurance and Estate Planning”

Sep 22, 2023

The specter of a U.S. federal government shutdown continues to loom this week as Congress has just 12 days to agree on a budget before the October 1 deadline. House Republicans released a temporary measure on Sunday which could push the deadline out another month, with the hopes of a final solution coming in the … Continue reading “Government Shutdown Looms, Stocks Say ‘Been There, Done That’”

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