Big Changes for Form W-4- Now is the time to review your tax withholdings
Just when you thought you had a firm grasp on all the tax changes, the IRS is making a dramatic change to the way tax withholdings are calculated on your paycheck. Form W-4, used to calculate your paycheck withholdings, has … Continued
5 Year-end Tax Essentials
Before 2019 comes to a close, take some time to review these essential items to ensure you are not missing something that could cause tax trouble when you file your tax return: 1. Take required minimum distributions (RMDs). If you … Continued
IRS Releases Key 2020 Tax Information
The IRS recently announced key tax figures for 2020, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are … Continued
Last-Minute Tax-Savings Ideas- Action you can take before time runs out
Here are five tax saving ideas that can be used by most taxpayers. But act soon, there’s not much time left until our tax year comes to an end. 1 Make late-year charitable donations. Consider making donations with appreciated stock you … Continued
Receive Copies of Fraudulent Tax Returns- What did thieves try to steal?
Tax identification theft is becoming all too common. Victims know how frustrating the experience can be. Thankfully, the IRS is willing to help. The frustration If you are a victim of IRS identity theft, your first instinct is to find … Continued
2020 Social Security Changes Announced
The Social Security Administration announced a 1.6 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2020. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in … Continued
Donating to Charities? Do it RIGHT!- Donation basics to ensure a tax deduction
Donating to charity not only helps others, it can reduce your tax bill — but only if the charity qualifies as a tax-exempt organization. Checking for qualified status If you plan on itemizing your deductions on your tax return, make … Continued
Cash In 0% Capital Gains Tax Rate
While the maximum capital gain tax rate can be as high as 23.8 percent, most taxpayers pay 15 percent. But there is the possibility to have your capital gains go tax-free; zero percent! In fact, this tax break has been … Continued
Social Security Planning Starts Now- Even those in their 20s should review this tip!
This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted … Continued
Understanding Tax Terms: Health Savings Accounts (HSA)
If Benjamin Franklin were alive today, his famous quote “Nothing is certain, except death and taxes.” might include a third item — paying medical expenses. Medical expenses, in one form or another, are unavoidable. Fortunately a health savings account (HSA) … Continued