20 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 More
20 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 More
20 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 More
20 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 More
20 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 More
20 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 More
20 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:Read More