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
For most individuals, income often comes in the form of salary, commission, tips and other job-related earnings. What many do not realize is that there are other, more creative ways one might find themselves with income, and Uncle Sam has made it his mission to attempt to capture all of them within the tax code. One such type of income we tend to forget about is income generated when an individual acquires prize winnings.Read More
Does your financial planner advise you on the tax impact of your financial decisions as well as help you with tax saving strategies? If not, you should consider finding one who does. Here’s why your tax advisor should be your financial advisor.Read More
Tax season. Those two words can launch a wide range of emotions, largely dependent on whether you will receive a refund or owe money to the IRS and/or your state when your tax return is filed.
If you are a working parent, gathering documents and filing your income tax return is probably just one more thing added to an already busy schedule.Read More
As of Jan. 28, 2019, the IRS has started to accept 2018 tax returns. Most taxpayers are watching for their W-2s, 1099s, and other tax related documents to arrive in the mail and are starting to wonder what the new tax law changes will mean when their return is all said and done.Read More