Is a Tax Time Bomb Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your … Continued
Tax Shifting Ideas to Reduce Your Bill to Uncle Sam- Is there a taxable income reduction idea you can use?
Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex … Continued
A Gift of Stock- Information is key when using this tax planning strategy
You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. … Continued
State Taxing Authorities Are Coming After Your Money- States are creating laws that snag taxpayers everywhere
New state tax laws are making more and more taxpayers tax cheats without them realizing it is happening. Think it can’t happen to you? Here are some examples. Your small business registers for sales tax in Texas and you receive … Continued
How to Protect Your Social Security Number From Theft
With the dramatic increase in identity theft, what can be done to protect your Social Security number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security card with you. Your parents were encouraged to … Continued
Tax-Free Roth IRA Withdrawal Options- What every Roth IRA account holder should know
Withdrawing funds from your retirement accounts must be done carefully to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. Here are some tips for Roth IRAs. Roth IRA basics Roth IRA accounts differ … Continued
Taxable or Not Taxable?- Some of these items may surprise you.
There are a number of areas in the tax code that cause confusion as to the taxability of money received. Here are some of the most common areas of confusion. Unemployment compensation. Unemployment compensation is typically required to be reported … Continued
Understanding Tax Terms: Wash Sales- Surprise! Your stock loss is not deductible.
You may be considering booking stock losses due to recent market drops in order to save on your bill from Uncle Sam. Selling losers can be a great strategy when these losses can offset stock gains and up to $3,000 … Continued
Tax Surprises for the Newly Retired
You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn … Continued
Reminder: Estimated Taxes Due- Now is the time to make your estimated tax payment
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 1st AND 2nd quarter due date is now here. Due Date: Wednesday, July … Continued