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Category: Tax Tip Tuesdays

32 posts categorized as "Tax Tip Tuesdays"

Tax Tip Tuesday: Beware of the Dirty Dozen of Tax Scams

Apr 6, 2021

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

Tax scams continue to rise, including new Covid-19 related scams. The IRS continues to monitor their “Dirty Dozen” of tax scams. These are the most common and most dangerous scams that affect taxpayers. The top three continue to be:

  • Phishing: Phishing is when scammers send fake emails or website links to try to trick a taxpayer into sharing private information.

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Tax Tip Tuesday: Higher Income Continues to Mean More Taxes

Mar 30, 2021

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

The vast majority of tax rules haven’t changed, which is generally a good thing given rates are historically low. However, just because the tax rules haven’t changed that doesn’t mean you may not be impacted by higher taxes. Below are two areas that might require your attention.

Affordable Care Act Taxes.  The 0.9% Medicare Health Insurance Surtax and the 3.8% Net Investment Income taxes that went into effect in 2013 are not indexed for inflation.

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Tax Tip Tuesday: It’s Not Too Late to Make Your IRA Contributions

Mar 23, 2021

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

It’s not too late! You can still make a contribution to your traditional or Roth IRA. Individuals get a little extra time this year, too. The IRS recently announced an extension for individual taxpayers to file 2020 federal income tax returns and make federal tax payments to May 17, 2021. This is now the deadline for making 2020 IRA contributions for most people (see below for details).

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Tax Tip Tuesday: SEP IRAs and Some New Retirement Plan Reminders

Mar 16, 2021

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

Now that we’re deep into the “dog days” of tax season, this is a time when many business owners are intently seeking ways to limit their tax burden and/or searching for opportunities to increase retirement savings. Employer-sponsored retirement plans represent a great way to accomplish both of those goals simultaneously. Additionally, the Setting Every Community Up for Retirement Enhancement (SECURE) Act,

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Tax Tip Tuesday: COVID-19 Distributions from Retirement Accounts Have Special Reporting Requirements

Mar 9, 2021

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

 

The coronavirus we now refer to as COVID-19 has changed so many things.  We have learned how to live, work, educate, and socialize in a way nobody would have imagined just a year or so ago.  Last March, the CARES Act was passed to provide some welcome relief for individuals who needed access to their retirement savings accounts as the pandemic swept across the world.

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Tax Tip Tuesday: Don’t Be Surprised by Mutual Fund Distributions

Mar 2, 2021

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

If you own mutual funds in your taxable investment account, you may have been surprised to find capital gains reported even though you did not buy or sell any shares. Mutual Funds must distribute dividends and any realized capital gains earned in the prior 12 months. They are considered taxable unless you hold the shares in a tax-deferred account such as an IRA or 401(k) plan.

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Tax Tip Tuesday: Working With a Tax Preparer

Feb 23, 2021

By Chris Whiting, CFP®, Executive Vice President, Director of Sales and Marketing

For many people, preparing and filing their tax return can be a complex and frustrating process – and unfortunately, things do not seem to be getting any easier. The 2020 tax year includes changes that could have an impact on your tax situation. Many people’s finances have been impacted due to the pandemic from a loss or reduction of income,

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Tax Tip Tuesday: When is the Best Time to File?

Feb 16, 2021

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

As we enter yet another tax season, it may evoke the age-old question for many, “Should I file my taxes early, or wait until the deadline?” As with many quandaries, there is no simple answer to this question, as it depends on each person’s unique tax circumstances, and perhaps also individual personality traits. Are you the type of person who likes to get things done ahead of time,

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Tax Tip Tuesday: Some IRA Distributions Require Self-Reporting on Your Tax Return

Feb 9, 2021

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

It’s tax season again. Whether you decide to tackle your tax return yourself or use a tax professional, it’s time to get organized as your tax forms begin arriving. If you took money out of your IRA last year, one of the forms you’ll receive will be the 1099-R. Form 1099-R can be confusing because amounts reported as “taxable” don’t always result in an income tax liability and items reported as being “early”,

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Tax Tip Tuesday: Tax Season Arrives, a Little Late This Year

Feb 2, 2021

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

As you continue to labor through quarantines, virtual meetings and the like, there’s another uplifting time of year approaching: tax season! Once again, most of the tax laws have remained consistent this year. One big change – another COVID-19 casualty – is that the IRS delayed the official start of tax season this year. The IRS will not begin accepting returns until February 12,

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