Why Proactive Tax Planning Can Save Your Family Money In The Long Run

2022-04-26T21:21:10+00:00April 1, 2022|Blog, Taxes|

If taxes were a common household game, what would they be? While your mind may instantly go to something maddeningly random like “go fish” or intensely competitive like poker, it’s really much more of an ongoing and ingenious dance, like chess.   In chess, players function strategically within a complex set of pre-existing rules and parameters—sounds a lot like the tax code, doesn’t it? Here’s the thing about your taxes, they aren’t a one-and-done sort of [...]

The 7 Most Common Errors On Your 2021 Tax Return and How to Avoid Them

2022-02-16T16:18:59+00:00February 16, 2022|Blog, Taxes|

The dawn of 2022 brings opportunities to create new resolutions and financial goals—and it also marks the beginning of tax season. While tax day on April 18th can seem far away, this year’s deadline will be here before you know it. As you start gathering your tax documents and completing your return, we've compiled a list of the most common filing errors to look out for and avoid.  Whether you hire a professional or go [...]

5 Creative Ways to Avoid the Gift Tax (Including Paying for College)

2021-12-03T19:26:10+00:00December 15, 2021|Blog, Charitable Giving, College Planning, Taxes|

We’ve officially entered perhaps the highest spending month of the year! In fact, Christmas celebrations are expected to cost 17% more this year when compared to 2019 (you can thank COVID-19 and inflation for that lump of coal).  Despite being “the happiest time of the year,” gifters should beware of another type of Grinch, the gift tax. Giving to others doesn’t have to result in paying extra for your generosity, but how do you give [...]

Checklist For Year-End Planning

2021-06-08T12:27:14+00:00December 8, 2020|Blog, General Financial Planning, Taxes|

Looking to year end I know it’s a busy time. But it’s not too soon to start thinking about taxes. Many questions about the new administration have come my way, including questions about new tax proposals. Joe Biden’s plan is aggressive, but it may not get out of the starting gate if the Republicans hold the Senate. As you probably know, two early January runoffs in Georgia will determine the fate of the upper chamber. [...]

The Social Security Administration Has Announced Cost of Living Adjustments & Tax Changes For 2021. Here’s What You Need to Know.

2021-06-07T13:58:11+00:00October 15, 2020|Blog, Retirement, Taxes|

On Tuesday, October 13, 2020, the Social Security Administration released important facts and figures for 2021 - including cost-of-living adjustments (COLA) for retirees and tax changes for the currently employed. The Good? Benefits Are Increasing Those receiving Social Security benefits will see a 1.3 percent COLA increase in 2021. This change will impact around 70 million Americans - including 8 million SSI beneficiaries.1 For the average retiree receiving Social Security benefits in January 2021, this [...]

Tax Filing Errors to Avoid

2017-02-01T00:13:29+00:00February 1, 2017|Blog, Taxes|

The dawn of 2017 brings opportunities to create new resolutions or plans for the coming year — and also marks the beginning of tax season. While tax day on April 18th can seem far off, this year’s deadline will be here before you know it. As you start the process of gathering your tax documents and completing your return, we want to provide a reminder of common filing errors to look out for. Whether you hire [...]

New Whitepaper: 2017 Tax Planning

2017-01-11T17:45:02+00:00January 11, 2017|Blog, Taxes|

We’ve all just gone through the holidays, travels, family gatherings, and more. And though life may still be busy, any free moments you can spare for a little tax planning will help you stay ahead in 2017. We’re happy to share with you highlights of tax planning tips. That way, you can create strategies today to help you minimize your risks and maximize your opportunities. CLICK HERE TO READ OUR NEWEST WHITEPAPER: 2017 TAX PLANNING [...]

Simple Tips to Make Tax Time Less Taxing

2016-03-22T17:58:10+00:00March 22, 2016|Blog, Taxes|

Tax time! Are we having fun yet? I'm teasing, of course... Even I don't like filing taxes and I'm a financial planner. Nothing can eliminate completely the stress most taxpayers feel when dealing with the IRS. However, there are plenty of ways you can make tax time easier on yourself. Some good news: the filing deadline for 2015 returns is April 18, 2016, instead of the usual April 15. Because of Patriots’ Day, residents of [...]

Protect Yourself from Tax-Related Identity Theft

2016-02-25T13:56:07+00:00February 25, 2016|Blog, Taxes|

Taxes are never far from our minds and with it comes with tax fraud. One particularly pernicious form of fraud is tax identity theft. Tax-related identity theft happens when someone uses sensitive personal information (like your Social Security number) and files a fraudulent tax return in your name to collect a refund. According to past statistics, scammers filed over 5 million returns in 2013 using stolen information, costing the IRS $5.8 billion in fraudulent refunds. [...]

Will Your Tax Bill Increase?

2013-10-16T23:08:02+00:00October 16, 2013|Blog, Taxes|

Did you know that individuals with no change in their income from last year could potentially owe the IRS because of tax law changes that went into effect in 2013? Do you know if you’re going to be one of those individuals? The modified adjusted gross income (MAGI) threshold for paying the new 3.8% Medicare surtax on net investment income is $250,000 for joint filers and $200,000 for single filers. In addition, a tax of [...]

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