Blog Tax Planning
If you made a contribution to an individual retirement account (IRA) in 2022, you will receive a Form 5498 in May 2023. By this time, you have likely already filed your taxes and reported any IRA contributions. You should keep the Form 5498 with your tax records. It is a copy of the form from…
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As you or your tax preparer start to work on your 2022 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 10th and the final wave will be released on February 24th. There may…
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TD Ameritrade is releasing 1099s in waves: The first wave will be released on January 20, 2023 The second wave will be released on February 3, 2023 The third wave will be released on February 10, 2023 The fourth wave will be released on February 24, 2023 You can find your tax documents on your…
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Follow this link to download the most recent copy of 2023 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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SECURE Act 2.0 was signed into law at the end of 2022 as a follow up bill to the original SECURE Act that was signed into law in 2019. SECURE 2.0 targets several retirement provisions that go into effect over the next 10 years. We will focus on the changes for this year and continue…
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Social Security recipients are getting an 8.7% increase for their 2023 benefits The Medicare Part B premium is decreasing from $170.10 to $164.90 per month The annual exclusion for gifts is increasing to $17,000 from $16,000 per year per individual The limitation on deferrals for 401(k), 403(b), and most 457 plans is increased to $22,500…
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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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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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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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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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