Provisions in the SECURE Act may affect your estate plan. Dominick Parillo, Savant’s Director of Wealth Transfer, takes a closer look at the specifics regarding inherited IRA accounts.Read More
Receiving an extra three months to file your tax return can seem like an unexpected gift. But we’re creatures of habit, so pay close attention to the dates because many of the deadlines are significantly different from prior years. Alexander Strauss provides an overview of the postponed tax deadlines and answers related tax questions.Read More
Determining whether you qualify for the Premium Tax Credit may seem daunting. Wealth Strategy Associate Abigail Ogden reviews the eligibility requirements and mechanics of how these credits work.Read More
Kelli Peterson answers your frequently asked questions around stimulus payments, including, “Is my stimulus payment taxable?” and “I received a payment for a deceased taxpayer. Now what?!”Read More
Alexander Strauss, financial planning and tax accountant, summarizes what we’ve learned from the 2019 tax return season and outlines possible tax reduction opportunities that you may be able to utilize next year. He also answers recent tax FAQs, including “Am I Eligible to Receive a Stimulus Check?” and “What’s The Deal With the New W-4?”Read More
Now that the Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law, you’re probably wondering if and how it applies to you. We recently put together an educational video on the key provisions for individuals and small business owners.Read More
If you’ve been able to remain in a comfortable financial position amidst the COVID-19 pandemic, you may be wondering if and how the newly passed CARES Act legislation may impact you. Financial advisor J. Peter Doyle reviews some strategies.Read More
What options does a small business have from the Coronavirus Aid, Relief and Economic Security (CARES) Act? In this blog, Christopher Plagge, CPA, EA, reviews the options and their requirements. Still stumped? Our flow chart for small business owners can help you determine what you qualify for.Read More
Financial advisor Jakob Loescher reviews how Gen Xers and Millennials can benefit from the Coronavirus Aid, Relief and Economic Security (CARES) Act.Read More
This update from Chris Plagge, Savant’s Director of Tax and Business Services, explains who is eligible for relief under the new provisions put out by the IRS and outlines the mechanics of filing your return and estimated payments.Read More
“Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself does not produce anything.” – Warren Buffett
Radio and TV ads for buying goldRead More
How much did you pay in federal taxes for 2019? Although it’s not a question most of us like to think about, tax season is here and this may cross your mind as you file your 2019 tax return.
A common misconception about our tax system is that those in the highest tax bracket pay 37% on their total income minus deductions. In fact, this rate is applied only to taxable income over $510,300 (single) and $612,350 (married filing jointly).
To determineRead More
Since the passage of the Revenue Act of 1913, Congress has rejiggered our income tax rates an astonishing 40+ times. This includes the remarkable period from 1976 through 1993, when tax rates shifted 10 times in 18 years.
We have recently been on pace to break that record.Read More
With the change of the calendar year, individual taxes tend to come into focus as the tax return deadline quickly approaches. While the thought of income taxes and income tax filing can be stressful to most, taking a simplified approach, while being methodical and proactive in filing, and planning for future taxes can reduce this burden. Here are some tax tips for 2020 to help manage potential challenges.Read More
As of Jan. 27, 2020, the IRS will start to accept 2019 tax returns. Most taxpayers are watching for their W-2s, 1099s, and other tax related documents to arrive in the mail and are curious to see if their tax situation will be better than it was a year ago with the new tax law changes.Read More
Do you hear what I hear??? It’s new legislation coming out of Washington this Christmas season! Heading into the New Year the Federal Government has just released legislation that will have far reaching implications for nearly all individuals. You may have heard rumblings of something called the SECURE Act throughout the year. It passed with near unanimity in the House back in May but was met with a frosty response once it moved to the Senate.Read More
Taxes are complicated and so is retirement. When you combine the two, it can get a bit overwhelming. The silver lining is that people who are retired, or are on their way to being retired, have some incredible opportunities to implement tax savings strategies that could benefit them for the rest of their lives. Here are five Tax-Smart Retirement strategies to consider.Read More
Social Security’s rules for collecting are complicated. Benefits for widows are calculated differently than traditional Retirement Benefits, so there are a few key rules and strategies that you need to be aware of. Below are seven things you need to know about Social Security Survivor Benefits.Read More
Roth contributions are good, right?
A brand new client walked into a small financial planning office (we’ll call him Jim). Jim unpacked his account paperwork on the conference room table – a few brokerage accounts, a 401(k), a Roth IRA, that sort of stuff.Read More
With the 2018 tax year closed, most taxpayers saw a decrease in their refunds, and some even owed taxes when they usually receive refunds. This was due to the adjusted withholding tables that came into effect in February 2018, lowering the amount of taxes taken out of taxpayers’ paychecks. Since less tax was paid throughout the year, many saw a tax bill larger than they anticipated when filing their tax returns.Read More
What is Non-Qualified Deferred Compensation or NQDC?
Non-Qualified Deferred Compensation, or NQDC, is compensation that has been earned by an employee but has not yet been transferred from the employer to the employee. Because the employer still has ownership of the compensation, it is not included in the employee’s earned income and therefore is not considered taxable income. This allows an employee to postpone or defer compensation and receive it sometime in the future, usually for purposes of retirement income.Read More
One of the major aspects of a business sale is whether the business will be sold as an asset or as stock. An owner might be thinking, “Does it really matter as long as I get the highest sales price?” Well, as you’ll see below, there are plenty of circumstances that can make a lower sales price more attractive.
To highlight some of the key differences between an asset and stock sale, let’s review some important tax, business liability, and complexity considerations.Read More
If you are eligible to claim an education credit on your tax return, it could reduce the amount of tax that you owe by up to $2,500 per tax return. The two education credits that are available are the American Opportunity Credit and the Lifetime Learning Credit.Read More
Do you have a loved one who is disabled or who has special needs? Many times individuals with special needs rely on public benefits such as Supplemental Security Income (SSI), Medicaid, and other programs to help with living expenses. In order to retain eligibility for such benefits, the individual’s cash and investment assets may not exceed $2,000. This restriction often makes it difficult for special needs individuals to achieve a greater quality of life and financial independence.Read More
We made it through an exciting year of tax reform, and hopefully you did too! The changes to the tax code created many challenges – and opportunities.
This article aims to summarize what we saw after preparing several thousand tax returns, as well as offer opportunities that you may be able to utilize next year.Read More
Beginning in 2018, many individuals and families lost the ability to fully deduct charitable donations as an itemized deduction. This is due to the doubling of the standard deduction and the limitation of many itemized deductions as part of the Tax Cuts and Jobs Act of 2017. For those over age 70½, a qualified charitable distribution can be a great way to make a charitable donation in a tax-efficient manner.Read More