Tips to Maximize the Value of a Car Donation- A little mistake could cost you plenty
At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated … Continued
2022 Health Savings Account Limits- New contribution limits are on the horizon
The savings limits for the ever-popular health savings accounts (HSA) are set for 2022. The new limits are outlined here with current year amounts noted for comparison. So plan now for your contributions. What is an HSA? An HSA is … Continued
Roll it Before You Pull it- Tips to avoid IRS penalties on 401(k) retirement plan distributions
While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior … Continued
Is it really the IRS?- Four tips to ensure your security
Pretending to be an IRS agent is one of the favorite tactics of scam artists, according to the Better Business Bureau. The con artists impersonate the IRS to either intimidate people into making payments over the phone, or to send … Continued
A Dozen Tax Planning Triggers
With all the tax law changes over the past few years, here are some things that should trigger you to conduct a full tax planning session to ensure your tax bill is not higher than it needs to be. 1. … Continued
Employee Tax-Free Income
While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes. Health Benefits. While now reported … Continued
Inflation Spikes Social Security Checks for 2022
The Social Security Administration announced a whopping 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending … Continued
Five Tax-Loss Harvesting Tips
Though the markets have been up strongly this year, your investment portfolio could have a few lemons in it. Using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. Here are five tips: … Continued
File That Tax Return!- October extension deadline fast approaching
Friday, October 15 marks the extension deadline for filing your 2020 Form 1040 Tax return. Given all the recent tax legislation, numerous stimulus checks and COVID-related tax changes, there are more open tax return filings than ever! If you have … Continued
How to Reduce Your Property Taxes
Market values of homes are skyrocketing and higher property tax bills are soon to follow. Prepare now to knock your property taxes back down to earth. What is happening Property taxes typically lag the market. In bad times, the value … Continued