Category Archives: Individual Taxes

Individual Retirement Accounts: Traditional & Roth

Posted on January 22, 2020 by

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 →

Posted in Individual Taxes, Retirement Planning | 3 Comments

Year-end To-do List.

Posted on December 18, 2019 by

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 →

Posted in Accounting, Business Taxes, Individual Taxes, Taxes | Tagged , , | 63 Comments

Hitting Those Year-end Numbers-Individual Taxpayers.

Posted on December 4, 2019 by

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 →

Posted in Individual Taxes, Tax Planning, Taxes | Tagged , , , , , , , , | 5 Comments

Step by Step – The 2020 W-4

Posted on November 20, 2019 by

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 →

Posted in General Interest, Individual Taxes | Tagged , , | 56 Comments

Getting Schooled – Maximizing Education Tax Credits

Posted on November 13, 2019 by

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 →

Posted in Individual Taxes | Tagged , , , , , , , , | 5 Comments

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

Posted on November 6, 2019 by

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 →

Posted in Individual Taxes, Taxes | Tagged , , , , | 20 Comments

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

Posted on February 6, 2019 by

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.

Posted on January 30, 2019 by

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.

Posted on January 23, 2019 by

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 →

Posted in Individual Taxes, Tax Planning | 1 Comment

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

Posted on January 9, 2019 by

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 →

Posted in Business Taxes, General Interest, Individual Taxes, IRS, Taxes | Tagged , , , | Comments Off on “Voluntary Compliance” My (fill in the blank)!