A Traditional IRA serves as a valuable tool for individuals seeking to save for retirement while deferring taxes. Nevertheless, several factors come into play when assessing eligibility for...
How are my capital gains taxed?
Tax returns are complicated. To add to their complexity, investment income generated by stocks, bonds, and other investment assets may be taxed differently than your other sources of income....
What is a donor-advised fund and how can I use one while bunching charitable contributions?
In our Q&A last month, we discussed bunching charitable contributions as a potential strategic option to lower your tax bill. Bunching contributions involves making multiple years’ worth of...
How can bunching charitable contributions lower my tax bill?
Since 2017, taking the standard deduction has truly become the standard. In fact, since the passage of the Tax Cuts and Jobs Act (TCJA), over 85% of Americans opted to take the standard deduction...
Are my social security benefits subject to income tax?
Did you know that a portion of your Social Security benefits may be subject to income tax? This occurs when your modified adjusted gross income (MAGI), plus 1/2 of your benefits, exceeds specified limits.
What IRS services are available online?
As part of the Inflation Reduction Act passed by Congress in August 2022, the Internal Revenue Service (“IRS”) recently released its plan for the nearly $80 billion in additional agency funding. A...
Am I having enough taxes withheld?
Filing your taxes can be a daunting task. This is especially true when you are not confident that you had enough taxes withheld from your paycheck throughout the year. If you have had too little...
Tax Planning Tips for 2022
Last Minute Tax Planning Tips for 2022 It’s that time of year again! As we close out 2022, be sure to consider any final opportunities to help reduce your 2022 income tax liability. While every...
Wealth Management Q&As
Wealth Management is more than investment management. It considers the larger picture. While your investments are critical to your success throughout retirement, it is also important to understand how your taxes, finanical plan, estate, and insurance can affect both your overall situation. Do you know when you should begin collecting social security to maximize its benefit? Have you followed the necessary steps to help your assets pass efficiently to your heirs, avoiding probate? If 529 plans are applicable to you, have you considered 529 plan superfunding or how to maximize 529 plan tax advantages? Our wealth management Q&As consist of popular topics among our clients and are not limited to investment management.