Taxes

Tax Tip Tuesday: Seven Questions to Ask Your Tax Preparer

February 20th, 2018|

By Kortney Christensen, CFP®, Executive Vice President, Director of Sales and Marketing

Has your tax return gotten just too complicated to handle on your own? Or maybe you just don’t have the time to fill out all those forms. If you’ve decided to hire a tax pro, start the tax season off right by working effectively […]

Tax Tip Tuesday: Don’t File Your Taxes Too Early

February 13th, 2018|

By Edward “Ed” V. O’Neal, Vice President and Manager, Retirement Plans

Like most decisions, there are both pros and cons to filing tax returns early. In general, filing early works best for individuals with simple tax returns or perhaps those anticipating a refund. However, for many taxpayers there could be benefits to delaying their filings, including:

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Some IRA Distributions Require Self-Reporting on Your Tax Return

February 9th, 2018|

By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning

With tax season in full swing, it’s that time of year when your daily trip to the mailbox likely includes tax form after tax form.  If you have taken distributions from an IRA, one of those forms will be Form 1099-R.   Receiving a 1099-R […]

Tax Tip Tuesday: More Time to Get Organized This Year

February 6th, 2018|

By Kortney Christensen, CFP®, Executive Vice President, Director of Sales and Marketing

With the passage of the 2018 Tax Act, you may already have had your fill of tax-related news.  While many of us are still trying to understand what impacts the new tax changes have in 2018, don’t forget that we still have to file […]

What is New with Capital Gains?

February 6th, 2018|

By Kortney Christensen, CFP®, Executive Vice President, Director of Sales and Marketing

While there are no changes to individual long-term capital gains rates which remain at 0%, 15% and 20%, there is a shift in how you determine your rate.  In prior years, it was based upon your marginal tax bracket.  Starting in 2018, it is […]

Kiddie Tax Now Subject To Trust Tax Rates

February 1st, 2018|

By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning

If you have children with investment income, be prepared for the “kiddie tax” rule change in 2018.  Although this change did not get as much attention as some of the other individual tax changes, the revamp of the kiddie tax rules could be significant […]

Will I Still Have to Pay Alternative Minimum Tax?

January 25th, 2018|

By Kortney Christensen, CFP®, Executive Vice President, Director of Sales and Marketing

Although a full repeal of the alternative minimum tax (AMT) was on the table during Congressional negotiations, only a repeal of AMT for corporations managed to escape the negotiation chopping block.  AMT will continue to exist for individual taxpayers, albeit in a lessor fashion, […]

State and Local Tax Deductions Limited by the New Tax Act

January 23rd, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

The Tax Cuts and Jobs Act has been touted as a way to help taxpayers keep more of their money and to make the tax filing system easier. However, with a big change in the deductibility of state and local taxes (“SALT”), there are […]

Mortgage Interest Deductions Changing for 2018 and Beyond

January 18th, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

As part of the Tax Cuts and Jobs Act (“Act”), the ability to deduct mortgage interest was one of the few deductions left standing.  However, the deduction did take a few hits.  Under the Act, interest on newly acquired mortgages is only deductible up […]

Can I Still Claim Investment Expenses as an Itemized Deduction?

January 16th, 2018|

By Edward “Ed” V. O’Neal, Vice President and Manager, Retirement Plans

Changes to both standard and itemized deductions have been among the most discussed provisions of the new tax rule. The new rule significantly modifies itemized deductions, while completely eliminating miscellaneous itemized deductions.

Under the new tax rule, individuals will no longer be able to claim miscellaneous […]