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Blog posts tagged with "tax planning"

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6 Last-Second Money-Saving Tax Moves

December 5, 2018

As 2018 winds down, there is still time to reduce your potential tax obligation. Here are some ideas to make your 2018 tax return less of a burden on your wallet:

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Tax Filing Reminders

May 22, 2018

Now is the ideal time to schedule a tax-planning session. Your tax return outcome is still fresh, and it's early enough in the year to make corrective action to take advantage of the numerous new tax law changes taking place in 2018. Here's a brief overview of some of the new tax issues that you need to plan for now.

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Keywords: tax planning

Get ready to save more in 2018

November 21, 2017

You can save more for retirement next year using tax-advantaged accounts, thanks to a boost in the maximum 401(k) contribution rate by the IRS. The maximum rate increases by $500 to $18,500, which is the first increase in three years.

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Keywords: tax planning, taxes

Get the most out of your college tax benefits

September 7, 2017

The tuition and fees deduction expired last year. Fortunately, you may still be able to benefit from other education tax benefits, including the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit.

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Keywords: college, tax, tax planning

The Power of Estate Planning Documents

By Jim Hess, CEO, CPA   |  July 3, 2017

My wife, Margaret Ann, and I are walking through the season of life where caring for parents has become a significant responsibility. While it has been a blessing to journey with our parents through their latter stages of life, it has also taught us

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Five home office deduction mistakes

June 25, 2017

Here are five common mistakes of those who deduct home office expenses.

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Keywords: tax, tax planning

Tax-free income

June 22, 2017

Yes, that's correct, there are some forms of income you receive that may be tax-free. Here is a list of eight common sources of tax-free income.

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Keywords: tax, tax planning

Midyear tax planning more important than ever

June 6, 2017

Summertime usually makes us think of vacations, backyard barbecues, and general relaxation. Tax planning may not be on the top of your summertime to do list, but this year you may want to consider making time for it.

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Keywords: tax, tax planning, taxes

Know the tax rules before gifting

May 9, 2017

Gift giving can be an important tax planning strategy. But before you write checks, learn the rules. Here are two of them:

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Keywords: tax planning, taxes

Schedule your midyear tax planning session

April 24, 2017

Most people don’t include tax planning on their summertime agenda, but maybe they should. The problem with waiting until the end of the year is that you reduce the time for planning strategies to take effect.

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Keywords: tax planning, taxes

Checking your withholding could be a smart move

April 6, 2017

If you received a large tax refund or owed a large balance on your 2016 income tax return, it may be time for you to check your withholdings.

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Do's and don'ts of amending your tax return

April 6, 2017

What happens when you discover you made a mistake on your 2016 return that you just filed? Before you decide if you should file an amended tax return, there are a few do's and don'ts you should know. First, don't panic, and second, don't ignore

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You still have time for tax-free gift giving

November 8, 2016

December 31 is the last day you can take advantage of this year's annual gift tax exclusion. The exclusion is the amount you can give away each year without triggering gift tax. For 2016, the exclusion is $14,000 per recipient.

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Keywords: tax planning

Year-End Tax Planning; What Documents Should You Gather?

By Neil Hinkle, CPA   |  September 15, 2016

As we approach the end of another calendar year, it's time to consider taxes due for this year and develop a strategy to reduce your tax bill before December 31st.

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Life changes call for a tax tune-up

August 8, 2016

Summer can be a time for life changes. Marriage, a school-break, job change or entrepreneurial venture, a move to a new home - all of these major events call for tax planning.

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Keywords: tax planning

Six Year-round Tips to Lower your Taxes

By Bill Harvey, CPA   |  July 15, 2016

Waiting until tax time to try to lower your taxes is usually not the most effective way to accomplish your objective. Between now and the end of the year, try some of these ideas and you just might save yourself a few (thousand) dollars at tax time.

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Tax extenders renewed; some permanently

January 8, 2016

In December, Congress extended tax breaks known as "extenders" retroactively to the beginning of 2015. In addition, the new law makes some of the rules effective through 2019...

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Tax extender act renews tax breaks

December 22, 2015

In mid-December, Congress renewed a long list of tax breaks known as extenders that have been expiring on an annual basis.

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Tax planning, extenders, and uncertainty

November 13, 2015

Are you ready for year-end tax planning? Maybe you're hesitating because you're wondering about the fate of "extenders," those temporary tax breaks that Congress generally...

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Keywords: tax, tax planning

Finish the year with effective tax planning

August 25, 2015

The fourth quarter is often make-or-break time in sports. Likewise, tax-cutting steps you take in the last three months of the year can transform a financial plan into a bona fide winner.

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Keywords: tax, tax planning

End of summer means time for tax planning

August 7, 2015

As summer winds down, you might want to put serious tax planning on your agenda. Changes that have already taken place (the Supreme Court's decision on premium tax credit...

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Keywords: tax, tax planning

Do your homework on back-to-school tax breaks

July 23, 2015

Education tax planning can optimize the available breaks for saving and paying for school expenses. Here are some tips.

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Tax planning is essential for second marriages

July 2, 2015

Wedding bells bring rejoicing – and financial changes. If you’re marrying for the second time, the changes might seem overwhelming. On the surface, tax and financial planning...

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Maximize tax benefits of carryforwards and carrybacks

July 2, 2015

Although the tax code contains some exceptions, income is generally taxable in the tax year received and expenses are claimed as deductions in the year paid.

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Preserve tax breaks with MAGI management

May 28, 2015

How close to the edge are you when it comes to tax phase-outs? As you begin your midyear tax planning, consider the effects of these benefit-limiting provisions.

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Keywords: magi, tax planning

IRS releases 2015 business vehicle deduction limits

April 22, 2015

The IRS has published depreciation limits for business vehicles first placed in service this year. The limits for passenger autos remain the same as the 2014 limits, but

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Schedule a midyear tax review soon

April 22, 2015

As summertime approaches, tax planning is probably the last thing on your mind. The problem is that if you wait until December, there’s little time for changes to t

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Keywords: tax planning, taxes

Some very last-minute tax moves to consider

November 21, 2014

There’s not much time left to make tax-saving moves for 2014. Some ideas to consider: Make your January mortgage payment before December 31 to squeeze an extra int

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Keywords: tax planning

Pay attention to the tax rules on deducting charitable gifts

October 17, 2014

As 2014 winds down, you may be planning to complete your charitable giving for this year. Here are a few tax concerns to keep in mind. Your gift is tax-deductible only

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Keywords: tax, tax planning, taxes

What can I give?

By Aaron Bates, CFP, Investment Advisor   |  July 3, 2014

Would you like to give a large cash gift to someone in your family without tax consequences?

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