Taxes

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…

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…

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…

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,…

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…

Looking for an easy way to reduce your taxes? Film tax credits are a great way to reduce your taxes every year. Here’s an example of how they work: ABC film company makes a movie in Georgia and spends $1M making the movie. The state of Georgia gives ABC credits up to 30% of what…

President Joe Biden said anyone earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy. We don’t know many details at this point, but here are some areas where they may raise taxes: Rolling back…

The American Rescue Plan Act of 2021 was recently signed into law. Most pundits have focused on the $1400 per person stimulus checks. There is also a BIG increase to the child tax credit. Here’s what you need to know: The child tax credit has been increased to: $3,600 for each child under age 6…

The July 15, 2020 nationwide deadline for filing an individual income tax return for tax year 2019 is approaching. It is also the deadline for certain contributions to IRAs, Roth IRAs, and Coverdell Education Savings Accounts (CESA). A few things to remember IRA contribution limit for tax year 2019 is $6,000. Anyone over age 50…

If you are 72 or older, you are normally required to make distributions from your retirement accounts (401k, IRA, 403b, etc). The CARES act eliminated this requirement for 2020. This is good news for many retirees for 2 reasons: Avoiding the taxable distribution will reduce their taxable income in 2020 They can leave their tax…

20 Second Advisor: Tax Season Tips

20 Second Advisor: How a $12 hamburger costs you $20.34

20 Second Advisor: House Dems propose new tax hikes

20 Second Advisor: POTENTIAL Tax Law Changes = Good Time to Talk

20 Second Advisor: New Money from Uncle Sam (aka: child tax credit) and why it may give families a surprise tax bill next year!

20 Second Advisor: Should I buy GA film tax credits?

20 Second Advisor: Biden vows to raise taxes on anyone making over $400,000

20 Second Advisor: Big checks for having kids!

20 Second Advisor: July 15th deadline for retirement and education contributions

20 Second Advisor: CARES Act Suspends Required IRA Distributions