Category Archives: Individual Taxes

Individual Retirement Accounts: Traditional & Roth

In this series of four, we will look at various tax advantageous retirement and savings vehicles and their maximum contribution amounts for 2020. We hope that you check on your progress towards maxing it out. Let’s start with the well-known … Continue reading

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Year-end To-do List.

Here’s a what to do before December 31st checklist to help you prepare for upcoming tax return preparation. REINFORCING THE BASICS. Keep in mind that the standard deduction is still increased resulting from the 2017 TCJA; therefore, you may or … Continue reading

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Hitting Those Year-end Numbers-Individual Taxpayers.

It’s probably about time to start thinking about the 2019 income tax return especially if you want to do a bit of 1040 planning. You can also call Carol and make an appointment. She’d love to see you. And it … Continue reading

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Step by Step – The 2020 W-4

Updated 12/17/19. The Tax Cuts and Jobs Act, enacted in late December of 2017, wreaked havoc on Form W-4, Employee’s Withholding Allowance Certificate. The TCJA radically changed employee withholding by doubling the standard deduction, modifying tax rates and tax brackets, … Continue reading

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Getting Schooled – Maximizing Education Tax Credits

Pay tuition. Get tax credits. $2,500 here; $2,000 there. Education credits are seemingly straightforward but are they as straightforward as they seem? Not really and not always. Shameless plug. We just make it look straightforward. REINFORCING THE BASICS. The American … Continue reading

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Getting Paid to Reduce Your Carbon Footprint – Residential Energy Credits.

Getting Paid to Reduce Your Carbon Footprint – Residential Energy Credits. REINFORCING THE BASICS! Nuclear, bad. Fossil fuels, bad. Big carbon footprints, bad.  Our government encourages renewable or sustainable energy as a means for energy security, job creation, climate control, … Continue reading

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Make That Kid Work For You. Part 2 of 2. No Kidding, The Kiddie Tax

Last week we broke the news that according to the Department of Agriculture, with middle-class income of $59,200-$107,000, it is going to cost you a whopping $233,610! to raise that kid until the age of 17. Families with lower incomes … Continue reading

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Make That Kid Work For You. Part 1of 2. Get Credit Where Credit’s Due.

HERE’S WHAT’S UP! With middle-class income of $59,200-$107,000, it is going to cost you a whopping $233,610! to raise that kid until the age of 17, says the Department of Agriculture. Families with lower incomes are expected to spend $174,690, … Continue reading

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New Year Resolution.

HERE’S WHAT’S UP! Conventional wisdom: It’s never too late to do financial planning. Carol’s wisdom: It’s never too early to take care of your money. 2019 Withholding Calculator REINFORCING THE BASICS. What is Retirement? Retirement is the withdrawal from an … Continue reading

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“Voluntary Compliance” My (fill in the blank)!

Here’s what’s up! America needs tax compliance to pay government’s bills. In all seriousness, voluntary compliance is a principle that we will cooperate with the tax system by filing honest and accurate annual returns and receive excellent customer service along … Continue reading

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