The 2019 tax filing season is now in full swing. January 31 was the deadline for tax forms like your Form W-2, Form 1099-DIV, and other statements to be issued to you, so now is the time to collect your tax forms, organize your records and make an appointment to get your tax return completed.Read more about Schedule Your Tax Appointment Today[…]

With electronic payments becoming more common and check writing quickly disappearing, you might wonder how you can prove to the IRS that you actually qualify for a charitable (or some other) deduction that you plan to claim on your 2019 tax return. Luckily, electronic records are usually sufficient to substantiate a payment, but since theRead more about The Records You Need to Substantiate Tax Deductions[…]

As it has in years past, Congress again passed in late December a set of last minute changes to the tax law. Many of these changes are retroactive and will affect your 2019 tax return. Here are some of the highlights that have reached back to affect the 2019 tax year: The tuition and feesRead more about Last Minute Tax Law Changes Made in December 2019[…]

The beginning of a new year is a great time to review your financial plan, including your goals for retirement savings. By setting your goals early in the year, you can save for them throughout 2020 and reduce the pinch that is sometimes felt when people try to “make up for lost time” later inRead more about Review Your Retirement Savings Goals for 2020[…]

The IRS recently updated tax brackets and some limits for 2020, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets in 2020 Marginal Rate Single Filers Joint Filers 0% Less than $9,875 Less than $19,750Read more about 2020 Tax Brackets and Limits Announced[…]

This year is quickly coming to an end, so now is the right time to do a quick review to make sure that you’ve done everything you need to in this calendar year. Here are a few items to consider: Take required minimum distributions (RMDs). If you are age 70½ or older, you need toRead more about Reminders for the End of the Year[…]

The Social Security Administration announced a 1.6 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2020. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2019. For those still contributing to Social Security through wages, the potential maximum incomeRead more about 2020 Social Security Changes Announced[…]

The end of the year is coming on fast, but there’s still time to reduce your potential tax obligation and save money this year (and maybe even next). Here are some ideas to consider: Estimate your 2019 and 2020 taxable income. With these estimates you can determine which year receives the greatest benefit from aRead more about Save Money with These Year-End Tips[…]