When completing their income tax return, taxpayers can make certain choices or elections that can really impact the amount of tax that’s due. Here are a few common examples that can create tax savings opportunities if you elect the correct option. Tax filing status. Typically, filing a joint tax return instead of filing separately isRead more about Elect for Tax Savings[…]

Recent college graduates are graduating with record-setting levels of debt from student loans, reaching a total of $1.5 trillion in 2019. Fortunately, there are ways to get some relief from this debt and take advantage of a few tax breaks at the same time. Here are four ways you can reduce the strain of repayingRead more about Ease the Pain of Repaying Student Loans[…]

A 529 savings plan is a special type of account that allows after-tax funds to be used to pay for college and K-12 education expenses. As long as the funds are used to pay for qualified expenses, any earnings or interest in the savings plan are tax-free. Any unused earnings on funds are subject toRead more about New Options for Repaying Student Loans[…]

The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, was passed by Congress in late December 2019. This new law modifies the features of the retirement accounts that you may already have, and generally makes it easier for people to use these accounts to save for retirement. Here are a few highlightsRead more about New Retirement Account Rules Take Effect[…]

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[…]