Tax Planning

Tax Day is April 18th, not the 15th, due to Washington D.C.’s Emancipation Day holiday, so you have a few more days to file your taxes or file for an extension this year than you might have expected. But the 18th will be here before you know it, so don’t procrastinate during tax time this year! Get Organized First, get organized and gather your important documents. These could include W-2 and 1099 forms, medical bills, property tax and mortgage interest documents, and receipts for charitable donations. If you file your taxes electronically, it could mean [...]

Tax Day is April 18th this year, due to the Emancipation Day holiday in Washington D.C. on the 15th. This is a good time of year to review your finances and think about your long-term tax strategy. Tax Day will be here before you know it, so know these important tax terms and start thinking about how you’ll work to lower your tax bill. Tax Credits A tax credit is a dollar-for-dollar benefit. It’s an amount that taxpayers can subtract directly from their tax bill. Some examples are the child tax credit and the earned [...]

Before you know it, Tax Day will be here, so it’s best to start getting ready now. Beyond your tax bill this year, don’t forget about your tax bill in the future, even in retirement. Taxes don’t stop when you stop receiving a paycheck, and they could be one of your biggest expenses in retirement. You should understand how different types of income are taxed and create a plan that works to lower your taxes throughout retirement. Your Social Security Benefit Can Be Taxed To figure out if your benefit can be taxed, add up [...]

Here come the holidays and everything that goes with them – traveling, cooking, buying gifts, and of course, spending time with the people we love. Even though it’s a busy time of year when finances can end up taking a back seat to decorating and wrapping presents, it’s important to take the time to review where 2021 has left you and prepare for 2022. Here are three things about your taxes that may have changed. The Charitable Giving Rules Have Changed ’Tis the season of giving, and you may be making a few charitable donations. [...]

Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources which can be taxed. And while we know what the tax rates are now, we don’t know what they’ll be in 10 or 20 years – or even one year from now. This is why it's important to plan for the tax rates of the future when it comes to taxes. Now vs. Tomorrow Right now, many people are enjoying relatively low tax rates: In 1944, the highest income tax rate was 94%, and in 1978 [...]

They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to help minimize your overall tax burden before and in retirement. An advantage of going to one professional for all of your financial planning needs is that everything from investment strategies to estate planning works together in one overall plan. Here’s how a financial advisor can help you pursue tax-smart strategies. Manage Investments with a Tax-Smart Strategy Every part of a financial plan is connected, including an [...]