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Category: Taxes

74 posts categorized as "Taxes"

Tax Tip Tuesdays: Higher Income Means More Taxes and Likely Less Deductions

Mar 31, 2020

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

While tax rates these days are historically low, there are still a few taxes that continue to affect more and more people each year.  Many tax thresholds are indexed for inflation, like the AMT tax exemption.  However, other tax thresholds like the .9% Medicare Health Insurance Surtax and the 3.8% Net Investment Income taxes are not indexed for inflation.

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Tax Tip Tuesdays: Tax Tips for Parents

Mar 24, 2020

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

As a parent of children, teenagers or young adults, you’re often able to share some wonderful and memorable experiences together.  It’s one of the great perks of being a parent!  Additionally, some of the financial perks of being a parent or having dependents can become apparent during tax time.  The Tax Cuts and Jobs Act (TCJA), which became effective on January 1,

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Updated March 24th: Welcome Delay Most Taxpayers Won’t Owe Uncle Sam Until July 15

Mar 20, 2020

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

Until recently, the phrase “social distancing” was not part of our everyday vocabulary. These are unprecedented times we are living in. Many Americans are struggling not only with the fear and anxiety of a pandemic, but also with the financial stresses caused from reduced work hours, lower paychecks, and homes full of loved ones who must be fed and cared for.

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Tax Tip Tuesdays: What Are You Doing with Your Tax Refund? Jump Start Your Retirement Savings!

Mar 17, 2020

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, have you decided what you will do with it?  Last year the average federal income tax refund was $2,869[1].  The majority of IRS refunds are processed within three weeks, so you have a little time to decide if you will save it or spend it. 

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The SECURE Act is Designed to Expand & Preserve Savings. Here’s What You Should Know.

Mar 11, 2020

By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education Planning

 

 

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Tax Tip Tuesdays: SEP IRAs and Other Retirement Plan Reminders

Mar 10, 2020

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

Tax season is a time when business owners often are juggling multiple priorities, seeking approaches for potentially reducing tax liability, while also looking for opportunities to increase retirement savings. For business owners looking for 2019 tax deductions, along with a way to jump start retirement savings, the SEP IRA is the only employer-sponsored retirement plan that can be both established and funded after the 2019 calendar year.

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Tax Tip Tuesdays: Deadline for 2019 RMDs is April 1st, not April 15th

Mar 3, 2020

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

Did you turn age 70 ½ last year?  Did you take your first required minimum distribution (RMD) in 2019?  If not, the deadline is fast approaching.  It is April 1st, not the April 15th tax filing deadline.  Why do those few days matter?  The IRS could impose a 50% penalty on any RMD amount you fail to take on time.

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

Feb 25, 2020

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

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, for the third year in a row, are:

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

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Tax Tip Tuesdays: Eight Questions to Ask Your Tax Professional

Feb 18, 2020

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

Many people use or are considering hiring a tax professional to help prepare taxes.  There can be many great reasons to partner with a tax specialist:  perhaps you have a complicated tax situation, own your own business, had a major life event, or just would like an expert to help you navigate our complex tax code.  Ultimately, a tax professional can help ensure you’re filing an accurate and timely return while minimizing taxes. 

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Some IRA Distributions Require Self-Reporting on Your Tax Return

Feb 12, 2020

By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education 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 for your IRA doesn’t necessarily mean your distribution will result in a tax liability. 

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