It’s hard to believe that we’re already winding down the first quarter of 2022, it’s important to start thinking about your tax planning. While there are many things that can be done to reduce your taxable income, there are a few key steps that should be at the top of your list. Did you know we offer annual tax planning?
Continue reading
Now that tax season is in full swing and we are all preparing out tax return, you are probably seeing the words deductions and credits. What are they and how do they work?
Continue reading
When thinking about taxes in retirement—surprise you still must pay taxes in retirement—most people look at their pay stubs and see how much they are paying in taxes. However, there are some taxes on your paystubs and W-2 that you do not have to pay.
Continue reading
As we are approaching the end of the tax year, you may start seeing some capital gains distributed by some of the investments you hold-mainly mutual funds.
Continue reading
If you are charitably inclined, what is the most tax efficient way to give to those charities?
Let us start with standard deduction versus itemized deductions. Your itemized deductions must exceed your standard deduction for any tax benefit. There is a caveat for 2021, cash donations up to $300 for single filers and $600 for Married Filing Joint are allowed as above the line deductions.
Continue readingWow, I cannot believe it is November already. This means the winter holidays are approaching, cooler weather is coming and so is the end of the tax year. Following is a list of items to consider when wrapping up the year:
Continue reading
Tax planning is considering your whole situation and making any necessary changes or decisions before the tax year is complete. Think of it as forward looking. When you prepare your tax return, you are looking backwards at things that have already happened and figuring out any credits or deductions that you can take based on things you cannot change.
Continue reading