With tax season in the rear view mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year’s tax bill does not surprise you. A review is more important than ever! There are a number of tax code changes that will impact the amount of tax… Read More

Summer brings warm weather, fun outdoor activities, and new opportunities to earn some additional income. However, taxes on seasonal income need to be handled with care, whether they’re related to your child’s first job or an extra income opportunity for you. Here are some tips to help you manage the taxes on your summer earnings:… Read More

Here are five common retirement planning ideas and what you can do to take advantage of them. The key is retirement planning starts now, not decades from now when you are reaching retirement age. 1. Having a plan Surprisingly, most do not know how much money is needed for retirement. This is being made much… Read More

With tax season in the rearview mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year’s tax bill does not surprise you. A review is more important than ever. There are a number of tax code changes that will impact the amount of tax you… Read More

Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don’t file on time, maybe charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is… Read More

September 10, 2021 Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. September 15, 2021 Individuals – Make a payment of your 2021 estimated tax if you are not paying your income tax for the year through withholding (or will… Read More

Higher Taxes May Be In Your Future Here’s what to think about now. There’s little question the tides are moving towards a higher tax environment with multiple trillion dollar spending bills, a new administration, and deficits as far as the eye can see. Instead of feeling helpless, here is a quick look at what might… Read More

Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money or property… Read More

Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don’t include supplemental security income payments, which aren’t taxable. The portion of benefits that are taxable depends on the taxpayer’s income and filing status. To find… Read More

Tax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial review: Hold a discussion with your… Read More