Tax Planning
The Standard Deduction and Itemized Deductions After Tax Reform
The Tax Cut and Jobs Act substantially increased the standard deduction amounts for 2018 to 2025. It also eliminated or restricted many itemized deductions for those years. You can generally choose to take the standard deduction or to itemize deductions. As a result of the changes, far fewer taxpayers will be able to reduce their […]
Due Date Approaches for 2017 Federal Income Tax Return
Tax filing season is here again. If you haven’t done so already, you’ll want to start pulling things together — that includes getting your hands on a copy of your 2016 tax return and gathering W-2s, 1099s, and deduction records. You’ll need these records whether you’re preparing your own return or paying someone else to […]
Ten Year-End Tax Tips for 2017
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year.
1. Set aside time to plan
Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a real […]
Examining the Taxpaying Population: Where Do You Fit In?
Every quarter, the Statistics of Income Division of the Internal Revenue Service (IRS) publishes financial statistics obtained from tax and information returns that have been filed with the federal government. Recently published reports reflect data gleaned from 2014 individual federal income tax returns. These reports offer a snapshot of how the U.S. population breaks down […]
Estate Planning Tip: Creditor Protection for IRAs & Beneficiaries
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Individual Retirement Accounts (IRAs) have the potential benefit of creditor protection in the event of bankruptcy. If you are going through a bankruptcy proceeding then your IRAs will be protected against most creditors; in other words your IRA assets will be safe and no one will be able to seize them. It […]
Charitable Donations: A Tax Deduction Primer
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Charitable donations are admirable gifts, and ones that can be made in the forms of cash, check, credit card or payroll deduction. When it comes to the Internal Revenue Service (IRS) they require proof that you made donations, and the responsibility of receiving and documenting that proof falls onto you – the […]
Chartiable Donations – Admirable Gifts
Charitable donations are admirable gifts, and ones that can be made in the forms of cash, check, credit card or payroll deduction. When it comes to the Internal Revenue Service (IRS) they require proof that you made donations, and the responsibility of receiving and documenting that proof falls onto you – the taxpayer an donor. When making charitable donations it is important to keep the following things in mind:
One Way Some Wealthy Investors Can Avoid Big Capital Gains Taxes
If you are a considerably successful business owner, corporate executive, or another type of wealthy individual then you might find yourself in a dilemma when it comes to your stocks. A large part of your wealth may be tied to a particular stock and although you may want to sell/reduce your holdings, the thought of large capital gains taxes convinces you not to do so.
How Many Taxpayers Fall Into Each Income Tax Bracket?
Every new year as Spring approaches, everyone has one thing on their mind – taxes. As the new year begins tax season approaches and all those who file attempt to estimate what they will make back. However, for the 2016 the tax brackets have been adjusted for inflation. Here is a breakdown of where people fall within the brackets and what it means.
The Benefits of Gift Annuities
The most expensive colleges are now over $65,000 per year. At the same time, student loan debt is over $1 trillion and escalating right along with the cost of college. Student loans, however, are not the only way families can borrow to help pay for college. The following is an overview of the 8 common types of loans used in education funding, followed by a bit of guidance to help you understand which loan(s) might be best for you and your child. 2015 Guide To FAFSA, CSS Profile, College Financial Aid And Expected Family Contribution (EFC)
