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Blog
Tax planning is an important element of financial management. The goal is to minimize your tax liability while enhancing the overall efficiency of your financial strategy. It involves a detailed analysis of your financial situation to leverage tax laws and provisions. This process ensures that individuals and businesses can make informed decisions that lead to increased savings and optimal economic outcomes.
Blog
For many of us, paying income tax isn't a concern. We work, we earn a salary, an appropriate amount is taken out of our paychecks by our employers, and that's that. We don't think much about it until it's time to file income tax returns every April.
Blog
Even though we’re well into the new year, perhaps the biggest financial problem from 2022 is still rearing its ugly head: high inflation. To make matters worse, tax experts are warning people to prepare for lower tax refunds this year—or potentially prepare to pay in—as COVID benefits expire and revert to their pre-pandemic levels.
Blog
Filing taxes isn’t the highlight of most people’s year. It can feel overwhelming and potentially get quite expensive if you go in without a game plan. That’s why it’s important to prepare for your tax appointment in advance. Just like your financial plan helps keep your personal finances in order, some tax appointment planning can help you get your personal and business documents in order—making it easier to file your 2023 taxes.
Blog
There’s a lot to like about Roth IRAs. After all, who wouldn’t like the chance to have the money in your account grow tax-free? However, most retirement assets are held in tax-deferred accounts like Traditional IRAs. So, to take advantage of the potential tax-free growth that Roth IRAs offer, you need to get your money into a Roth IRA. And since there are limits to how much you can contribute to a Roth IRA, that can be easier said than done.
That’s where Roth conversions come in.
Blog
Whether you're a young individual just starting a career path or a well-seasoned professional nearing retirement, developing a savvy tax strategy today can save you from some painful surprises down the road in retirement.
But becoming tax savvy is easier said than done, mainly because what you see in your account balance is not always what you get. Traditional Roth IRAs, and other tax-deferred accounts, are a great example of this.
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With tax time fast approaching, you’re likely wrangling W2s, rounding up receipts, and digging into all the documents you collected and filed away over the last year. It can be a lot to keep track of, and since you do it once a year and then only think about it next tax season, you probably need to become an expert. Sure, guided tools or programs make the burden easier to bear, but it's no wonder many Americans hire someone to take it off their plate.
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Many people give donations at year-end to support their favorite charities–and to reap the tax benefits of doing so. But what many generous folks don’t realize is that, with some advance planning, there are efficiencies in charitable giving that can maximize both your gift and your tax deduction.
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Working remotely? Learn 4 key tax considerations—like state tax implications, home office deductions, and employer nexus rules—to avoid surprises at tax time.
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You're not alone if you're unfamiliar with the net investment income tax (NIIT). While it's been around since 2010, it's not something that impacts everyone. However, if you have annual investment income and are a high-income earner, you could be subject to this tax—making it important that you understand what it is, how it’s calculated, and how you can plan for it.