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Tag: Jeffrey

30 posts tagged as "Jeffrey"

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: 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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The Importance of Health Care Planning During a Time of COVID

Jan 26, 2021

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

Times have changed.  Masks, social distancing, quarantine – it’s a new world.  One thing that remains, though, is making sure you plan for yourself in case of an emergency.  Perhaps one of the most overlooked planning needs, but one that is incredibly important, is incapacity planning.

Many people either fail to address incapacity or just think it “won’t happen to me.”  While that logic has always been flawed,

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Year-End Financial To-Do: Review Your Estate Plan

Dec 29, 2020

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

So, you’ve made it through Christmas and the year of COVID-19. We’re almost to New Years and hopefully better times. That said, life’s responsibilities remain, and it’s a good idea to review your estate plan should something happen to you or a loved one.

First, make sure you have a plan in place! It’s estimated that over 50% of adult Americans do not even have a plan in place.

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Year-End Financial To-Do: Decide Whether to Take or Defer Gains and Deductions

Dec 10, 2020

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

As a vexing 2020 comes to an end, it’s a good time to review your tax situation for opportunities to pay less taxes or pay taxes at a lower rate. There has been a significant amount of volatility in the markets this year, so consider reviewing your portfolio, other investments and your projected income to see where you may find yourself on the tax bracket spectrum.

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Year-End Financial To-Do: Making Annual Gifts to Family and Unique Charitable Giving Opportunities for 2020

Dec 3, 2020

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

Many love the feeling of a satisfying gift to a loved one. For those that may face a potential federal or state estate tax, making annual gifts to loved ones can feel even better because it may keep possible tax dollars away from the government. Under federal law, every person can gift up to $15,000 per person per year.

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Scary Financial Mistakes: Dying Without an Estate Plan

Oct 29, 2020

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

As the Scary Financial Mistakes blog series comes to an end, we turn to another necessary end: end of life issues. Many people fear death, some embrace it, but regardless of your perception, it’s coming. One thing you can do to prepare for this, and to help make things less scary for you and your family, is to have an estate plan in place.

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Will the Election Affect Wealth Transfer Tax?

Oct 21, 2020

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

As the election nears, and in an effort to continue to bring attention to Estate Planning Awareness Week, I have been asked by many whether a change in the President will lead to a change in the transfer tax regime (e.g. gift and estate tax laws). Let’s take a look.

First, it’s important to understand where we are today.

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Consider Ways to Minimize Your Tax Bill

Aug 28, 2020

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

We all look to create the best portfolio for our personal goals. Some of the important choices to help do that include whether you should invest in a stock as opposed to a bond, selecting growth or value-oriented investments, following industry trends, certain sectors, etc. Making these decisions can become overwhelming, but you also need to consider another deciding factor: taxes.

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