Regardless of whether you prepare your taxes yourself or use a professional’s services, it’s a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we’ve listed some key information you need when preparing this year’s taxes. YOUR PERSONAL INFORMATION The personal information you may … Read more
When choosing someone to help you prepare and file your taxes, you may be wondering exactly what criteria you should consider. How do you find someone to forge a professional relationship with for your needs? What questions should you ask, and what factors should you take into account when making your decision? Below, we discuss … Read more
Tax planning can be advantageous when done during the year and well in advance of year’s end. Opportunities exist for you to mitigate tax liability, which may leave more income for you and/or your family. Generally, people put off tax planning because paying income taxes is an obligation. So, this “negative” view can cause frustration. It … Read more
What is Net Investment Income Tax? If you have taxable income over $200K, you may need to calculate net investment income tax when you prepare and file your tax return. This tax, which is a 3.8% surtax on the lessor of the total net investment income or the excess of modified adjusted gross income (MAGI) … Read more
The income tax benefits offered by 529 plans make these plans attractive to parents (and others) who are saving for college or K-12 tuition. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also offer tax breaks to their residents. It’s important to evaluate the federal and state … Read more
Tax identity theft is when someone steals your Social Security Number, files a tax return with your number, and directs a refund to their own bank account. In other cases, this type of identity theft may involve a scam artist calling on the phone, pretending to be a rep from the Internal Revenue Service (IRS), … Read more
ALTHOUGH A YEAR AWAY, YOUR 2021 TAX PLANNING SHOULD HAVE ALREADY STARTED Amidst all the pandemic news and 2020 election drama, many might have missed that the IRS also quietly published new 2021 tax rates in late October and a there are plenty of changes that will impact taxpayers in 2021. While it’s more than … Read more
Being a doctor comes with a lot of stressors, but planning for taxes should not be one of them. As a doctor, you have been through years of hard work and may be looking for ways to help limit your tax liability and preserve as much of your hard-earned income as possible. Below are some … Read more
With the end of the tax year fast approaching, you may want to find ways to minimize your tax liability. Implementing one or more of the simple strategies discussed below may allow you to hold on to more of your earnings, potentially grow your wealth, and help lessen the taxes owed on your annual return. … Read more
2020 doesn’t just mark a new year, but the beginning of a new decade—and with it, some more changes to the federal tax code. It can often be easy to put tax preparation on the back burner, but being proactive can help you save time, money, and hassle. What steps can you take now to help the 2020 … Read more
Key Retirement and Tax Numbers for 2020 Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020. Employer retirement plans Employees who participate in 401(k), 403(b), and most 457 plans … Read more
The Gift Tax Exemption Explained. The IRS collects taxes on estates valued at $11.4 million or more per individual. Gift taxes exist to ensure that estates can’t evade taxes by giving money away to reduce or eliminate the estate tax bill. You can, however, use annual and lifetime gift tax exemptions to legally reduce your … Read more
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