Tag: tax season guide

2022 Annual Limits for Financial Planning

Jan 7, 2022

thumbnail of 2022 Annual Limits Related to Financial Planning

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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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Estate Taxes May Be Amended Soon

Oct 29, 2021

Coin Stack Tax
What to know about the budget reconciliation bill

To help raise revenue to pay for President Biden’s Build Back Better Plan, Congress is considering a number of tax law changes, including adjusting estate taxes. (more…)

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Tax & Estate Strategies for Married LGBTQ+ Couples

Jun 4, 2021

LGBTQ
In the age of marriage equality, there are new possibilities.

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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The IRS Extends Additional Tax Deadlines

Apr 26, 2021

Tax Planning
What to know about your IRA, HSA, and more

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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Qualified Charitable Distributions

Mar 22, 2021

A choice for I.R.A. owners who want to reduce taxes linked to I.R.A. distributions.

Do you have an I.R.A.? As you enter your 70s, you may start to look at that I.R.A. not only as an asset, but also as a problem. By law, you must take required minimum distributions (R.M.D.s) from a Traditional I.R.A. once you reach age 72; there are very few exceptions to this. The downside of these R.M.D.s? The entire distribution is taxable. (You never have to take R.M.D.s from a Roth I.R.A., provided you are its original owner.) Qualified Charitable Distributions are a way you can take that RMD, but also reap tax-benefits as well. (more…)

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How Soon Might the Stimulus Arrive?

Feb 15, 2021

United States Treasury Stimulus Checks
A shot in the arm of a different kind

While many in the United States are beginning to receive vaccinations and people are starting to foresee a life after COVID-19, it remains clear that things aren’t yet back to normal. As a result, there has been a great deal of speculation about Congress putting forward an economic stimulus, covering the needs of both individuals and businesses. (more…)

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2020 IRA Deadlines Are Approaching

Feb 5, 2021

April 15 IRS IRA Deadlines
Here is what you need to know

Financially, many of us associate April with taxes – but we should also associate December with important IRA deadlines.

 

December 31, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.

    

April 15, 2021 is the deadline for making annual contributions to a traditional IRA, Roth IRA, and certain other retirement accounts.1  (more…)

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Tax Filing Season for 2020

Jan 25, 2021

Tax time tax filing calculator 2021
Some new things to consider for filing in 2021

Recently, the Internal Revenue Service (I.R.S.) announced that tax season will start a little later than usual. This year the I.R.S. will begin accepting and processing 2020 tax filing returns on Friday, February 12, 2021.1 (more…)

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1099 Form Help

Jan 22, 2021

1099 form label
Explaining the many topes of 1099 forms and their different uses

What is a 1099 form? This is a record of payment from an individual or entity, showing a payment, generated for your records. The individual/entity sends a copy to both the payee as well as the I.R.S.1

Who might be sending 1099s? Clients send their contractors 1099s, recording work performed. Banks send 1099s to reflect interest from a savings account. A state may send a 1099 for a tax refund. If the financial institution who handles your retirement account writes you a check, they will also send you a 1099.1 (more…)

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More Insights

Aug 5, 2022

Last week was epic for market-watchers. A Federal Reserve (Fed) rate hike, a much-anticipated gross domestic product (GDP) report, and the busiest week of earnings season got most of the headlines. There was even a surprise out of Washington D.C., with a Schumer-Manchin agreement on a climate-healthcare-tax bill and some inflation data that added to … Continue reading “Market Update: Big Week for Market Watchers”

Aug 3, 2022

If you are approaching your seventies, get ready for required minimum distribution. You may soon have to take RMDs, as they are called, from one or more of your retirement accounts.

Aug 1, 2022

What would you do with a windfall? It’s a question I’ve read or heard a lot lately. Considering the Mega Millions jackpot ballooned to $1.34 billion, yet the lucky winner has yet to be revealed. It’s safe to say most of us have thought about what it would be like to win.

Jul 29, 2022

We all know the value of a good credit score. We all try to maintain one. Sometimes, though, life throws us a financial curveball and that score declines. What steps can we take to repair it? Reduce your credit utilization ratio. Your credit utilization ratio (CUR) is the percentage of a credit card’s debt limit … Continue reading “Ways to Repair Your Credit Score”

Jul 27, 2022

When you marry, you buy life insurance. Right? You buy it out of consideration for your spouse, and also realize that in the even of either your untimely death or your spouse’s untimely death, your household could be left with one income to shoulder expenses that may not lessen.

Insights + Resources >