Tag: Tax Planning

Getting a Tax Refund? 6 Suggestions for Spending It Wisely

Last year, more than 97 million Americans received a tax refund averaging $2,763. Now that the tax filing deadline is upon us, millions more Americans will be receiving refunds in the coming weeks. Perhaps you’re one of these people who’s looking forward to getting a check in the mail soon from Uncle Sam. If so, […]

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A Taxing Decision: Should You Itemize Deductions … or Not?

The tax reform legislation that became law at the end of last year will affect Americans’ finances in many different ways. For example, lower tax brackets will result in higher take-home pay for many people, while an expanded child tax credit will make more people eligible for this benefit. One of the biggest impacts on […]

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The Tax Cuts and Jobs Act: How Tax Reform Could Affect Your Business

In our last article, we discussed the major provisions of the Tax Cuts and Jobs Act — which was signed into law by President Trump on December 22 — that affect individuals and families. Here, we cover the major provisions that affect businesses. Lower Corporate Tax Rate The centerpiece of tax reform on the business […]

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Year-end Tax Planning: Moves to Make Before Year-End

As you’re probably aware, legislators in Washington are in the process of trying to pass a major tax reform bill. Given the current uncertainty about tax reform, you might think there’s not much you can do right now to lower your 2017 tax bill. Think again. Regardless of what kind of tax reform legislation (if […]

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Year-end Tax Planning

Moves to Make Before Year-End As you’re probably aware, legislators in Washington are in the process of trying to pass a major tax reform bill. Given the current uncertainty about tax reform, you might think there’s not much you can do right now to lower your 2017 tax bill. Think again. Regardless of what kind […]

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‘Tis the Season for Generosity … and Also Tax Savings

At this time of year, many people desire to help others who are less fortunate than they are by making contributions to charity. By planning carefully, you may be able to realize tax benefits when donating cash and property to qualified charitable organizations. This makes now a good time to plan out your charitable giving […]

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The Lowdown on the Republican Tax Reform Proposal

In early November, Republicans in the House of Representatives finally released the details of a tax reform plan that many have been speculating about for months. If enacted, the Tax Cuts and Jobs Act would implement the biggest changes to our nation’s tax code in more than three decades. Of course, this is a very […]

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Tax-planning Strategies for New Parents

New parents have lots of new things to think about — from what kind of formula to feed their baby to what kind of car seat to buy. One thing that probably isn’t high on a new parent’s priority list is tax planning. But maybe it should be. Having a child can impact your taxes […]

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IRS Reprieve Offers Opportunity for Last-Minute Tax Savings

The IRS has provided taxpayers with a slight reprieve this year by extending the traditional April 15 tax-filing deadline by three days. As a result, you have until next Tuesday, April 18, to file your tax return or request an extension. This means you also have an extra three days to make a 2016 contribution […]

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How to Properly Substantiate Your Charitable Donations

‘Tis the season for … tax preparation. No, it’s certainly not as fun or exciting as the holiday season. One of the first tax-preparation steps is to confirm you have all records of your charitable donations. Any donations you make to qualified Section 501(c)3 charitable organizations may be deductible on your federal income tax return. […]

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