When was the last time you evaluated your retirement savings? If you can’t answer this question, then the best time to review your retirement savings is now.
Category: Tax – Individual/Family
2019 Tax Planning: Retirement Savings for Individuals
Now is a good time to review and evaluate your retirement savings. The tax code provides significant incentives for individuals to make contributions to retirement savings and plans, including traditional and Roth IRA’s, as well as to employer sponsored qualified and non-qualified plans, including qualified 401(k) plans. A saver’s credit also may be available for… Continue reading 2019 Tax Planning: Retirement Savings for Individuals
Does the SECURE Act impact you?
Congress recently passed—and the President signed into law—the SECURE Act. Here is a look at some of the more important elements of the SECURE Act that have an impact on individuals.
Uh-Oh; I Got an Audit Notice from the IRS. Now What?
If you receive an audit notice from the IRS, do not panic. Just breathe! Read the letter in its entirety to see what they are auditing. In many cases, it’s a great idea to hire a tax representation professional to deal with the audit, especially if it’s a field audit (described below).
2019 Tax Planning Strategies Before Year-End
With year-end approaching, now’s the time to take steps to cut your 2019 tax bill. Here are some year-end tax planning strategies to consider, assuming next year’s general election doesn’t result in retroactive tax changes that could affect your 2020 tax year.
Tax Breaks for Charitable Giving
You probably know that you can get an income tax deduction for a gift to a charity. But there is a lot more to charitable giving. For example, you can benefit a family member and a charity at the same time and still get a tax break.
Is There Still a Marriage Tax Penalty?
The term “marriage penalty” in taxes refers to the situation that two people with the same income would pay more tax if they married and filed a joint return (MFJ) than if they stay single and file separately as single taxpayers.
Strategies for Avoiding the Accumulated Earnings Tax
The federal government discourages companies from “stockpiling” their capital by using the accumulated earnings tax. This tax—added as a penalty to a company’s income tax liability—specifically applies to the company’s taxable income, less the deduction for dividends paid and a standard accumulated tax credit of $250,000 ($150,000 for personal service corporations).