The tax laws are complex, and they change every year. Here are some suggestions that can help make filing your tax return an easier task. Start early. Any unpleasant chore becomes more difficult if it’s left until the last minute, so get an early start on filing your tax return.Get out last year’s return and look […]
Understanding the Home Gain Exclusion
Understanding the Home Gain Exclusion. When is a tax planning session essential? One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 […]
Tax surprises that you could avoid
Tax surprises that you could avoid. Every year taxpayers are hit with tax surprises that they could avoid if they knew the rules. Here are five big ones that are easy to avoid with some simple planning. You pay taxes with your hard earned money. We will help you proactively manage both your personal and […]
Review IRA Beneficiaries Now
Review IRA Beneficiaries Now. Lost in the pandemic is a tax law change that may require your attention Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know: Time to review […]
Adjusted Gross Income (AGI)
Adjusted Gross Income (AGI). Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So what is it and why is it important? The Federal formula for AGI is: AGI = Gross Income – Adjustments from Gross Income Gross Income. For most of us, Gross Income […]