Tax Planning Strategies & Resources

Categories

Tax Planning

• Adjusting Your Tax Withholding

  Now that you've seen last year's tax results and can see where this year is heading, it may be a good time to consider adjustments to your income tax withholding.

  Continue Reading >

• Watch Out for These Common Tax Scams

  According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and/or times of crisis.1 Now that tax season is in full swing, the IRS is reminding taxpayers to use caution and avoid becoming the victim of a fraudulent tax scheme. Here are some of the most common tax scams to watch out for.

  Continue Reading >

• Splurge or Save? Making the Most of Your Income Tax Refund

  The IRS issued more than 128 million income tax refunds for the 2020 filing season, putting $355.3 billion into the hands of U.S. consumers.1 For most recipients, such a sudden influx of cash prompts an important question: What's the best way to use the money?

  Continue Reading >

• Federal Student Loan Repayment Set to Resume in May

  After five payment pauses that began roughly two years ago, federal student loan payments are set to resume in May 2022.

  Continue Reading >

• Key Retirement and Tax Numbers for 2022

  Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2022.

  Continue Reading >

• Plan Ahead to Help Ease the Burden of Tax Season

  Most U.S. taxpayers "completely agree" (68%) or "mostly agree" (26%) that paying their fair share of taxes is a civic duty. However, no one wants to pay more than his or her fair share. To help avoid doing so, consider addressing some important priorities before you begin filling out your tax forms. Here are some steps that might help reduce stress when preparing your return.

  Continue Reading >

• Ways to Minimize Tax on an Investment Portfolio

  Although we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be interested in legitimate ways to minimize taxes on your investment portfolio.

  Continue Reading >

• Appropriate Checklists for Year-End Tax Planning

  Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different categories, such as "Filing Status" or "Employee Matters," for ease of reading.

  Continue Reading >

• New Global Tax Accord Takes Shape (Opens in a new Window)

  After more than four years of international negotiations taking place mostly behind the scenes, 132 countries — representing more than 90% of worldwide gross domestic product (GDP) and including the Group of 20 (G20) large economies — recently agreed to a new plan to reform international tax laws in an effort to "ensure that multinational enterprises pay a fair share of tax wherever they operate."

  Continue Reading >

• Enhanced Child Tax Credit for 2021 (Opens in a new Window)

  If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.)

  Continue Reading >

• Due Date for Federal Income Tax Returns and Payments Postponed to May 17 (Opens in a new Window)

  Due to the unusual conditions related to the coronavirus pandemic, the due date for individuals to file 2020 federal income tax returns and make tax payments has been postponed by the IRS from Thursday, April 15, 2021, to Monday, May 17, 2021.

  Continue Reading >

• A Guide to Potential Tax Law Changes - Income Tax (Opens in a new Window)

  President Biden has proposed a number of initiatives during his presidential campaign surrounding tax increases for individuals with high income. More specifically, for individuals with income over $400,000 will be greatly affected.

  Continue Reading >

• A Guide to Potential Tax Law Changes - Estate and Gift Tax (Opens in a new Window)

  The federal lifetime gift tax exemption amount is the amount individuals can gift away during their lifetimes without having to pay any gift taxes on the transfer to the individuals. The lifetime gift tax exemption is unified with the federal estate tax exemption amount, which is the total amount that can be excluded from estate taxes at death.

  Continue Reading >

• A Guide to Potential Tax Law Changes - Business (Opens in a new Window)

  Clients have different levels of wealth and business complexities, so the potential tax law changes will have varying impacts on estate and income tax planning. The goal of this piece is to give a high level explanation of the more relevant changes that impact most of our lending customers.

  Continue Reading >

• Federal Tax Filing Season Starts This Week (Opens in a new Window)

  The IRS has announced that the federal income tax filing season for tax year 2020 returns begins on Friday, February 12, 2021.

  Continue Reading >

• TAX PLANNING: Four end of year tax savings strategies to consider that could make a significant impact on your tax liability. (Opens in a new Window)

  Read the article to learn more.

  Continue Reading >

• TAX PLANNING: How have you been impacted by the new tax laws? (Opens in a new Window)

  Read the article to learn more.

  Continue Reading >

• BUSINESS TAX PLANNING: How will your business be impacted by the latest IRS qualified business income deduction? (Opens in a new Window)

  Read the article to learn more.

  Continue Reading >