Tag: tax season guide

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

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

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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Details on the Tax Deadline Extension

May 6, 2020

Stopwatch Deadline Clock Countdown
The I.R.S. is giving you three additional months to file and pay

The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1 (more…)

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2018-2019 Tax Season Guide

Nov 8, 2018

thumbnail of 2018-2019 Tax Season Guide

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More Insights

May 20, 2024

Withdrawing taxable funds from a tax-deferred retirement account before age 59½ generally triggers a 10% federal income tax penalty, on top of any federal income taxes due. [Distributions from Section 457(b) plans are generally not subject to an early distribution penalty; and the penalty for distributions from SIMPLE IRA plans during your first two years … Continue reading “Exceptions to 10% Early Withdrawal Penalty”

May 20, 2024

In today’s corporate environment, cost cutting, restructuring, and downsizing are the norm, and many employers are offering their employees early retirement packages. But how do you know if the seemingly attractive offer you’ve received is a good one? By evaluating it carefully to make sure that the offer fits your needs.

May 17, 2024

Do bad money habits constrain your financial progress? Many people fall into the same financial behavior patterns, year after year. If you sometimes succumb to these financial tendencies, now is as good a time as any to alter your behavior.

May 15, 2024

You don’t want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income.

May 13, 2024

There’s a subjective uncertainty associated with financial wellness. Are you financially fit? And if so, how fit are you? While there is no clearly defined threshold for answering affirmatively, much less grading your level of fitness, there are baseline elements associated with financial fitness. To make sure that you’re on the right track, develop a … Continue reading “Basics of Financial Fitness”

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