Each year the rules regarding tax filing are changed. Sometimes those changes are small and affect very few people, other times they are large and affect everyone. To prepare you for this tax year we have listed 9 of the most notable changes that have been made. The Filing Deadline is April 18th Since [...]
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. [...]
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 [...]
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 [...]
