Category Archives: Financial Planning

Individual Taxpayers: The Year in Review

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.

Take some time to review the information below to ensure you’re prepared for what’s ahead.

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Year-end Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. In this article, we’ll cover deferring income, purchasing new business equipment, Section 179 Expensing, and more. Let’s take a look.

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Eligible Families Can Claim Tax Benefits Until November 17th

Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit (RRC), the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), and other tax credits depending on their personal and family situation. The letter provides a brief overview of each of these three credits. As a reminder, these and other tax benefits were expanded under last year’s American Rescue Plan Act (ARPA) and other recent legislation.

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Use These Strategies to Pass on Wealth to Heirs

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively low interest rates also provide additional opportunities. Let’s take a look at some of them:

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Kids’ Day Camp Expenses May Qualify for a Day Credit

Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for daycare so they can work or look for work. Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. Here are 10 things parents should know:

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New Job? Don’t Forget About Your 401(K)

One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns.

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Roth IRAs: Put Your Child’s Summer Earnings to Work

With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child.

Here’s everything you need to know including what it is, how it works, and why it’s beneficial.

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Summer Activities That Could Affect Your Tax Situation

Although the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes:

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Planning For Retirement

Tips To Help You Get Started Saving For Retirement

It’s never too late to start saving for retirement, but the sooner you begin, the more time your money has to grow. That’s because gains each year build on the prior year’s gains thanks to the power of compound interest–and it’s the best way to accumulate wealth. Let’s take a look at ten tips to help you when saving for retirement:

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Small Business Budgeting Errors

Common Small Business Budgeting Errors To Avoid

When creating a budget, it’s essential to estimate your spending as realistically as possible.

Here are five budget-related errors commonly made by small businesses and some tips for avoiding them.

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