Marginal vs. Effective Tax Rates

Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences.

Let’s take a closer look:

Six Things To Know Before You Start a Business

Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax professional can help. Here is what you need to know before you start a new business:

Minimizing Capital Gains Tax on Sale of a Home

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home.

Employee Relocation: What Happens to Your Home?

Employees and small business owners often have questions about what to do with an employee’s home–and what the tax consequences might be–when they move to a new job location. Here are some answers:

Changing Jobs? Don’t Forget About Your 401(K)

One of the most important questions you face when changing job 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.

Avoiding Tax Surprises When Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal.

Social Security Benefits and Taxes: The Facts

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

RETIREMENT CONTRIBUTIONS LIMITS ANNOUNCED FOR 2021

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:

Choosing a Retirement Destination: Tax Considerations

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.

Taking Early Withdrawals From Retirement Accounts

While taking money out of a retirement fund before age 59-1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know.