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?
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Some employees that work for large companies have an employee benefit where they can purchase company stock at a discount. This is known as an Employee Stock Purchase Plan (ESPP).
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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?
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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.
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We are now in January of 2022, which means you have to start thinking about completing your taxes for 2021. Your W-2’s and 1099’s are required to be sent to you by the 31st of January, but other forms have more time to be issued and may have multiple versions due to corrections.
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What inspires you to give? Most of us give for the same basic reasons. We want to help others, make a positive difference in the world—and giving feels good. It makes us happy and connects us to the causes we care about. Studies show that most charitable folks give according to their values or to support causes they care about. But they don’t always have a strategy around giving or a way to monitor for impact.
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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.
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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:
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According to the Forbes article, “The Four Things Women Want (in Financial Services),” women want the following: – more confidence with their finances, more convenience, better communication, and better collaboration.
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