You Need Tax Planning If…
You Need Tax Planning If… Published: 6/11/2024 Life can alter your taxes with little to no warning. Here are several situations where you may need to schedule a tax planning session: Getting married or divorced. You could get hit with a Marriage Penalty in certain situations when the total taxes you pay as a married couple is more than what […]
Roth versus Traditional IRA: Which is Better?
Roth versus Traditional IRA: Which is Better? Published: 6/6/2024 For most taxpayers, you have until April 15th of the following year to contribute up to $7,000 ($8,000 if age 50 or over) into a Traditional IRA or a Roth IRA. Is an IRA an option worth considering for you? If so, which is better? Traditional […]
Great Tax Reduction Ideas
Great Tax Reduction Ideas Published: 6/3/2024 The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since mid-year is a good […]
Kids Can Be Expensive! Here Are Some Tax Breaks to Help.
Kids Can Be Expensive! Here Are Some Tax Breaks to Help. Published: 5/29/2024 Kids can pose challenges from every direction for their parents – feeding times, car seats, sleep schedules, strollers, child care, and of course…taxes! What most parents don’t consider is that these bundles of joy complicate their tax situation. Here are some tax […]
Understanding the Home Gain Exclusion
Understanding the Home Gain Exclusion Published: 5/28/2024 One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital […]
The Benefits of Being a Sole Proprietor
The Benefits of Being a Sole Proprietor Published: 5/22/2024 Many start-up businesses move from hobby status to a business when they start to make a profit. The tax entity typically used is a sole proprietorship. Taxes on this business activity type flow through your personal tax return on a Schedule C. Here are some benefits […]
Take Advantage before Changes Occur
Take Advantage before Changes Occur Published: 5/20/2024 Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This means you have this year and next to take advantage of the current rules. That doesn’t mean Congress won’t extend the current laws, but why take the chance? […]
The Psychology of Saving – How to Change Your Money Habits
Start Your Tax Planning NOW! Published: 5/17/2024 Cutting expenses is often easier said than done. It’s easy for somebody to say Just cut your expenses! Stop getting a to-go espresso everyday! Eliminating something from your monthly budget, though, may come down to figuring out the best way to change your spending habits. Here are several […]
Start Your Tax Planning NOW!
Start Your Tax Planning NOW! Published: 5/14/2024 Keeping your taxes as low as possible requires paying attention to your financial situation throughout the year. Here are some tips for getting a head start on tax planning for your 2024 return: Review your paycheck withholdings. Now is a good time to check your tax withholdings to […]
Ideas for a Great Refund
Ideas for a Great Refund Published: 5/9/2024 Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt. If you have debt, a great spending priority can be to reduce or eliminate it. […]