Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2019. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle Sam so far this year. How do the […]
Leveraging Gift Rules to Your Advantage
As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules You may give up to $15,000 to any individual (donee) in 2019 and avoid any […]
The New Tax Bill: When it Comes into Effect
With all the new tax changes coming, you might be wondering when they will come into effect. The new tax bill came into effect on January 1st, 2018. Therefore, any income you earn starting on January 1st, 2018 will be under the new bill and taxed at the new rates. The changes, however, do not […]
What’s new in 2013?
The American Taxpayer Relief Act of 2012, which was signed on January 2, 2013, did not make major changes in the tax rules governing most Americans. But it did create significant tax increases for high-earners. The thresholds identifying “high-earners” differ from one tax provision to the next, leaving many who don’t consider themselves wealthy exposed […]
Take another look at HSAs (health savings accounts)
Year after year, health care and medical insurance costs outpace inflation. One survey, for example, found that health insurance premium costs are growing at five times the rate of wages. It’s little wonder, therefore, that business owners and employees are scrambling for ways to curtail health care expenses. In an effort to address this dilemma, […]
Tax planning if new Medicare taxes apply to you
This year higher-income taxpayers may need to factor additional Medicare taxes into their planning. Not only will the Medicare tax increase on earned income above certain levels, but also a new tax will apply to certain investment income. The traditional Medicare tax has been 2.9% of earned income for self-employed people and 1.45% for employees […]
Take 3 steps now to cut your 2013 taxes
One of the best things about a midyear tax checkup is having the time to investigate, plan, and implement strategies that can reduce your current-year taxes. That’s particularly true this year, since tax legislation enacted in January means many rules for 2013 are already in place, and there’s more certainty about what actions will be […]
Estimated Taxes: Who needs to pay them?
If the bulk of your taxable income is from wages, your tax liability is probably being covered by withholding from your paychecks. However, if you have income that is not subject to withholding, you may need to pay quarterly tax estimates. Many taxpayers who switch from being an employee to being self-employed find out about […]
IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
[IR-2013-2, Jan. 8, 2013] WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that […]
Focus on your strengths to improve profits
The conventional response to today’s lackluster economy is to focus on cutting business costs. That’s good advice up to a point, but eventually paring down becomes counter-productive. Once you’re done, you’re still stalled in the same economic doldrums. Rather than restricting your strategy to cost-cutting, play to your strengths. What product, service, or other customer […]
