Best Income Tax Planning Strategies Income tax planning involves using strategies to minimize your taxable income. There are several different things that you can do you reduce the taxation of your income. Including, but not limited to; postponing income, shifting income, deduction planning, investment tax planning, and utilizing year-end tax planning. In this article, [...]
Understanding Your Required Minimum Distributions The phrase RMD, or Required Minimum Distributions, refers to the amount that you are required to withdraw from any traditional IRAs or employer-sponsored retirement plans each year after you reach age 70 ½. You can take more than the required minimum, but you are not allowed to take less. [...]
Being self-employed definitely has its perks; you get to be your own boss, set your own hours, and have total control over your work. However, it also means being subject to more in taxes, in addition to possible headaches when it comes time to prepare your tax return each year. If this is your [...]
Who Can Establish an HSA? Any individual with a high deductible health insurance plan can establish an HSA. In 2015, you have to have an annual deductible of at least $1,300 for an individual or $2,600 for a family. Your plan must also limit your annual out of pocket expenses to $6,450 for individuals [...]
As the year comes to a close, it is important to look at the options that are still available to help you reduce your tax liability. This article will help give you a few ideas about tax planning strategies you can implement before the end of the year. Withholding One of the simplest ways [...]
The filing status you choose can have a large impact on your tax liability, either for good or bad. So it is important that you understand each of the filing statuses, as well as the advantages and disadvantages that they may present to your income tax situation. Income Tax Filing Statuses Which income filing [...]
Investment Tax Planning When you have investments you want to take advantage of all the tax rules you can so as to maximize your gains. This usually means combining several different types of investments that have different tax advantages and disadvantages, so as to balance each other out. This process is referred to as [...]
Choosing a Tax Preparer Choosing a tax preparer is important because tax preparation can be complex. In this article, we will go over the different types of tax preparers you can choose from. Then you can decide which is the best fit for your situation. Prepare Your Taxes Yourself You can do your [...]
