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Category: Taxes

28 posts categorized as "Taxes"

July 15 Tax Filing and Payment Deadlines Quickly Approaching

Jun 16, 2020

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

The year 2019 may feel like a lifetime ago, but if you haven’t yet filed or paid your federal income taxes for 2019, that deadline will be here before you know it.  After the coronavirus reached pandemic status in March, one of the first announcements from the IRS was the extension of the 2019 federal income tax filing and payment deadlines to July 15,

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Tax Tip Tuesdays: Action Plan for 2020 Taxes

Apr 14, 2020

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

So, the traditional end of tax season would be tomorrow, and while the tax world has been pretty uneventful this year, everything else this year has been anything but normal.  There have been some changes due to the SECURE Act, but the Covid-19 virus has rattled many things.  Let’s take a look at what we’ve discussed during this Tax Tip Tuesday series,

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Tax Tip Tuesdays: When’s the Last Time You Did a Paycheck Check-Up?

Apr 7, 2020

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

This time last year, many taxpayers were shocked to discover that despite getting income tax refunds in the past – and changes in the tax laws that promised reduced income tax rates, a doubled standard deduction, and an increased child tax credit – they owed money to the IRS!  Were you one of those unhappy taxpayers? 

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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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