Blog Tax Planning

taxes

2022 Year-End Tax Planning

By Chelsie Smith / November 18, 2022 / Comments Off on 2022 Year-End Tax Planning

The window for many tax-saving opportunities closes on December 31st. It’s important to evaluate your tax situation, while there’s still time to affect your bottom line for the 2022 tax year. Your specific circumstances should be considered, so please reach out if you have any questions. Charitable Contributions There are a few ways to save…

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Important Ages for Retirement Accounts

By Chelsie Smith / August 12, 2022 / Comments Off on Important Ages for Retirement Accounts

If you are over age 72 and have an IRA account, you are probably required to take a distribution (RMD) this year. If you inherited an IRA account, you might be required to take a distribution regardless of age. If this applies to you and we don’t have a planned distribution, we will contact you…

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Estimated Federal Income Tax Payments

Do I Need to Start Making Federal Estimated Income Tax Payments?

By Chelsie Smith / June 8, 2022 / Comments Off on Do I Need to Start Making Federal Estimated Income Tax Payments?

If you ask yourself this question, we have a flow chart to help you determine if you need to start making federal estimated income tax payments. Federal estimated income tax payments need to be made quarterly based on that quarter’s earnings. You may be subject to a tax penalty if you don’t pay quarterly. You…

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taxes

Reminders as you Prepare your 2021 Taxes

By Chelsie Smith / February 2, 2022 / Comments Off on Reminders as you Prepare your 2021 Taxes

As you or your tax preparer start to work on your 2021 taxes, there are a few things we wanted to remind you. 1099s – TD Ameritrade is releasing 1099s in waves. The most recent wave of 1099s was released on February 11th and the final wave will be released on February 17th. There may…

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long term care

Washington State Long Term Care Tax on Pause

By Chelsie Smith / February 2, 2022 / Comments Off on Washington State Long Term Care Tax on Pause

The Washington State Long Term Care Tax of 0.58% that was poised to start on January 1, 2022 has been paused until July 2023. Governor Inslee signed two bills relating to the tax, also referred to as the WA Cares Tax. Many questions and criticisms lead to the pause. Additional bills were introduced as well.…

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2021 1099 Release Information

By Chelsie Smith / January 18, 2022 / Comments Off on 2021 1099 Release Information

TD Ameritrade 1099 Release Information TD Ameritrade is releasing 1099s in waves: The first wave will be released on January 21, 2022 The second wave will be released on February 4, 2022 The third wave will be released on February 11, 2022 The fourth wave will be released on February 17, 2022 You can find…

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Key financial data

2022 Key Financial Data

By Chelsie Smith / January 11, 2022 / Comments Off on 2022 Key Financial Data

Follow this link to download the most recent copy of 2022 Key Financial Data. If you have any questions about the new rules or limits, feel free to schedule with an advisor.  

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tax planning

2021 Year-End Tax Planning

By Chelsie Smith / November 16, 2021 / Comments Off on 2021 Year-End Tax Planning

The window for many tax-saving opportunities closes on December 31st. It’s important to evaluate your tax situation, while there’s still time to affect your bottom line for the 2021 tax year. Your specific circumstances should be considered, so please reach out if you have any questions about 2021 Year-End Tax Planning. Charitable Contributions There are…

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Capital Gains tax

Capital Gains FAQs

By Matt Hargreaves / November 11, 2021 / Comments Off on Capital Gains FAQs

Capital Gains – FAQs What is a capital gain? A capital gain is the profit when you sell a capital asset, such as stocks, bonds, mutual funds or property. The profit is your gain over the original price you paid and you must pay tax on that gain. For example, if a stock is bought…

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tax rate

What is my Tax Bracket?

By Chelsie Smith / July 16, 2021 / Comments Off on What is my Tax Bracket?

We often hear the question, “what is my tax bracket?” Generally, a tax bracket is the income tax rate at which a taxpayer is taxed for a certain range of income. The income ranges vary, depending on filing status. We will look at the difference between marginal tax rate and effective tax rate. Marginal Tax…

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