Taxes
20 Second Advisor: Gift stock at year end to save TWICE on taxes.
As we get into the holiday season, in addition to celebrating and gathering with family, it’s also a great time to reflect on all we’ve been given. Hopefully, you’ll see the abundance in our lives (namely, our clients have food, shelter, clothing, and enjoy relative peace in our country). If you decide to share some…
Read More20 Second Advisor: Tax tip for real estate investors
Do you own residential or commercial real estate for investment purposes? If so, you may want to consider doing a cost segregation study to lower your taxes. It is a way for investors to more quickly deduct the depreciation of a property against their taxable income. By doing this, you can reduce your annual federal…
Read More20 Second Advisor: Roth IRAs – Great for You, Great for your Heirs
You’ve heard from us the benefits of Roth IRA. If your income (or your spouse’s income) qualifies you to contribute to one, it’s a great tool for your retirement! Paying historically low tax rates today, knowing that regardless of the tax rates or your tax bracket in the future, you’ll never have to pay taxes on…
Read More20 Second Advisor: Free Tax Preparation by AARP Foundation Tax-Aide!
If you have friends or family that are over 50 and low-to-moderate income, pass on a tip to them: AARP Foundation Tax-Aide has nationwide, trained and IRS-certified volunteers who will prepare their 2022 tax return FREE of charge! I have been one of those volunteers for 6 years. Most of the taxpayers we serve are…
Read More20 Second Advisor: Tax Season Tips
It’s tax season, and this one is shaping up to be more stressful than normal given how backed up the IRS is! Here are a few tips to consider: Double check your tax return before you file! You want to avoid any back and forth with the IRS given how long it’s taking them to…
Read More20 Second Advisor: How a $12 hamburger costs you $20.34
It’s not totally uncommon to talk to prospects or clients that make several hundred thousand dollars a year, and they don’t know where all their money goes. Ex: We make $300,000 per year, but don’t really have much savings to show for it. Here’s why I think this happens: The more someone makes, the more…
Read More20 Second Advisor: House Dems propose new tax hikes
In order to help offset the $3.5 trillion domestic investment plan, House Democrats are proposing tax hikes in several areas. See below for some of the highlights: Increase the top corporate tax rate to 26.5% Increase the top individual tax rate to 39.6% 3% additional tax surcharge on individual income above $5 million Increase capital…
Read More20 Second Advisor: POTENTIAL Tax Law Changes = Good Time to Talk
The proposed tax changes are top of mind for many people which is understandable! This has triggered meaningful conversations with clients. This is always a good thing! We don’t know what the final result will be so we aren’t recommending specific strategies for everyone. That said, given the trajectory and items addressed in the changes,…
Read More20 Second Advisor: New Money from Uncle Sam (aka: child tax credit) and why it may give families a surprise tax bill next year!
For many American families with children, the Treasury Department started depositing money into their bank account starting in July. What is this new money? Well, the American Rescue Plan (passed earlier this year) expanded the child tax credit from $2000 per child* to either $3,600 (for kids under 6) or $3000 (for kids over age…
Read More20 Second Advisor: Dead Fish or Incredible Meal?
Paying taxes is similar to the picture above…you either see dead fish or an incredible meal in the works! It’s all about perspective! No one likes paying taxes, and I don’t recommend you pay a dollar more than you have to. BUT, let me offer 3 reasons we should change our perspective on them:
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