Tax Services & Strategies

If anything is sure in life, it’s that you must pay taxes. But that doesn’t mean taxes have to erode your hard-earned savings. With the right personal tax strategies, you can minimize your tax burden to maximize the money that stays in your pocket. Tax Planning: What Are the Goals? For many, taxes are a once-a-year event rather than a lifetime consideration. Here’s why tax planning matters now — and in the future. Lower Tax Liability The primary goal of tax planning is to save you money by reducing your tax burden. Whether you’re focused on lowering next year’s Read More

The Social Security Cost-of-Living Adjustment (COLA) keeps hitting new records. One of the many impacts of the pandemic, average retirees saw a 5.9% increase in their monthly payments in 2022. This year, they’re receiving an 8.7% increase — the largest COLA in 40 years. What Is the Cost-of-Living Adjustment (COLA)? Since 1975, the Social Security Administration (SSA) has made annual increases to Social Security and Supplemental Security Income payments. These increases are called cost-of-living adjustments because they counteract the rising costs of goods and services (also known as inflation). Each year, the SSA bases the COLA on the Consumer Price Read More

One of the biggest goals of many investors is to achieve capital gains. Once you do, however, you might be wondering what’s the best course of action. Do you hold onto your gains or do you realize them? And how does all of this impact your tax bill? While your unrealized gains may not be subject to a capital gains tax rate, understanding their impact on your tax situation is critical to your overall tax planning. What Are Unrealized Capital Gains? When investing, a gain refers to when the price of the asset increases above the amount the investor Read More

Roth IRAs can be a valuable tool in your retirement plan. With the possibility of tax-free growth and withdrawals, it’s no surprise that people choose to execute Roth conversions to avoid the usual income and contribution limits. However, people that hastily make these conversions may not realize when they’ve triggered the pro-rata rule. As a result, they wind up with a complicated tax bill they’re not expecting. Here’s what you need to know about the pro-rata rule and how it relates to your retirement plan. A Review of Roth IRAs To understand the pro-rata rule, it’s helpful to first Read More

You put everything into your business, so deciding to sell can be an emotional process. It can also be extremely stressful, especially as you plan ways to maximize the sale’s payoff. Taxes are one of the biggest factors determining how much money goes back into your pocket. Luckily, there are strategies you can follow to minimize (or at least defer) the taxes on your gains. Key Factors to Consider Business Structure The taxes you owe from the sale of your business will hinge on your business structure, the most common of which include: Limited Liability Companies (LLCs): When selling a Read More

More than just a yearly report to the IRS, taxes are an effective tool for protecting your wealth and contributing to your short- and long-term financial goals. Discover the top tax strategies individuals can follow to make the most out of their tax obligations. Developing a Tax Plan: Key Steps to Take Your tax strategy is a plan of action for reducing taxes, and here’s how you can get started developing your own. Get organized Effective tax strategies require detailed record keeping, so make sure to hang onto any receipts and transactions that could impact your tax bill. After Read More

If you were to sell an asset or investment, do you know what your cost basis would be? Learn more about this important value and why it matters when it comes time to file your taxes.What Is Cost Basis?At its simplest, cost basis is the original price or value of an asset or investment, such as stocks, real estate, and even insurance policies. This number is used when calculating capital gains (the selling price minus the purchase price) and is key to understanding your tax responsibilities.However, the initial price is only one component of your total cost basis. You must Read More

If you want to leave your assets to your loved ones after you’ve passed, you certainly aren’t alone. What most people don’t realize, however, is the significant dent that estate taxes can put in the funds you leave behind. We’ve compiled some of the top strategies you can follow to ensure the best future for your finances, even when you’re no longer here. Estate Tax Planning To-Dos Name Key Individuals If you’ve put together a will, you’ve already named an executor, but you’ll still need people there to help you fulfill your desires while you’re still living and after Read More

To max out or not to max out? That’s often the question that comes to people’s minds when contributing to their 401(k). However, the real question should be, how can I maximize my savings? We break down some of the strategies that will help you boost your 401(k) savings, whether or not that means hitting the contribution cap. What are the limits for 2022? If you’re under the age of 50 on an employer-designated plan, you’re able to contribute up to $20,500 in 2022, a thousand-dollar increase from last year’s limit. In addition to the standard $20,500 total contribution Read More

The goal of a solid retirement withdrawal strategy is to enjoy one’s hard-earned funds without running out of money. But what options do you have when deciding what happens to any remaining assets? Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, you’re able to name different types of beneficiaries—individuals who will inherit your accounts. Here’s a look at what’s often seen as the most advantaged type: an eligible designated beneficiary. What Are Eligible Designated Beneficiaries? Simply put, an eligible designated beneficiary (EDB) is a classification for someone who inherits an IRA or other form of retirement Read More