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Category: Tax Tip Tuesdays

38 posts categorized as "Tax Tip Tuesdays"

Tax Tip Tuesday: Start Planning Now for Next Year

May 18, 2021

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

Well, the extended tax season finally ended this week, and while the tax rules generally stayed the same for the 2020 tax year, it appears change may be on the horizon. So, don’t get too comfortable with the end of tax season because it’s time to look forward to the rest of this tax year. Whether changes come or not,

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Tax Tip Tuesday: A Retrospective of Tax Tips

May 11, 2021

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

 

As we come to the end of an extended tax season, there’s still a little time left to complete your tax return if you haven’t already done so; there’s also time to review your tax situation.

As tax season started, we discussed that while most tax rules didn’t change, COVID caused tax season to start a little late.

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Tax Tip Tuesday: Is My Social Security Taxable?

May 4, 2021

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

At one time, all Social Security benefits were tax free. Today, if your only source of retirement income is Social Security, then your benefits may still be tax free. Most people pay income taxes on a portion of their Social Security income. The higher your income, the more taxes you’ll pay on your benefits.

Taxes on Social Security are determined based on your combined or “provisional” income.

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Tax Tip Tuesday: The Value of Tax Deferral in a Higher Tax Environment

Apr 27, 2021

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

 

Like most things, taxation ebbs and flows. Today’s environment is no different – and it appears that, for now, taxation is on the rise. When the tax burden on individuals is increasing, the importance of tax deferral becomes especially important.

In this environment it’s important to consider tax-deferred strategies in your financial plan.

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Tax Tip Tuesday: Where’s My Refund? There’s an App for That.

Apr 20, 2021

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

If you have filed your tax return and are anxiously awaiting your income tax refund, the IRS (and most states) now have a variety of ways for you to quickly check the status of your refund—online, over the phone or through a smartphone app. You will need your Social Security Number, your tax filing status, and the exact amount of your refund to use them.

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Tax Tip Tuesday: New Tax Deadlines Provide Additional Time for Retirement Contributions

Apr 13, 2021

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

If the recent turbulent times have taught us anything, it’s the need to remain flexible! Over the past 12 to 14 months, we’ve all had to react to issues ranging from a health pandemic, shifting work environments, new regulations and erratic markets forcing us to adjust to what feels like a constantly changing environment.

Continuing the theme of adjustment and flexibility,

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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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