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Individual Taxes

Take the Pulse of Your Tax Health

June 16, 2022 by admin

Take the Pulse of Your Tax Health

Regular financial checkups give you an opportunity to identify where you can improve your overall tax situation. They also help identify areas of concern that may require more detailed attention. In a similar fashion, regularly reviewing your tax situation with a financial professional can identify opportunities to improve your tax picture and can often shed […]

Filed Under: Individual Taxes

Tax Planning Tips for Individuals

February 15, 2022 by admin

Tax Planning Tips for Individuals

You may not think about taxes often, but they can prove to be a large expense. That’s why it’s important to make the most of any opportunities you may have to lower your tax liability. Here’s a look at some of the factors you may want to consider in your planning. Standard Deduction or Itemizing […]

Filed Under: Individual Taxes

How To Deal With a Past-Due Tax Return

October 20, 2021 by admin

How To Deal With a Past-Due Tax Return

“Better late than never” applies when it comes to filing income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or maybe you thought you’d owe money that you didn’t have. Or perhaps you […]

Filed Under: Individual Taxes

Revisit and Review Your Last Tax Return

August 25, 2021 by admin

Revisit and Review Your Last Tax Return

Carrying out a post-tax season review of your income tax return can be very helpful way to gain new insight into your financial situation. It’s a bit like looking at a familiar place from a different and fresh perspective — you never know what you might discover. See what a review of your federal income […]

Filed Under: Individual Taxes

6 Ways Income Taxes Will Be Different in 2021

April 23, 2021 by Omar Virjee

Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. Standard Deduction Increase Standard deductions […]

Filed Under: Business Taxes, Individual Taxes

PLANNING FOR THE 3.8% INVESTMENT TAX

October 20, 2020 by Omar Virjee

Higher income investors need to plan for the 3.8% “unearned income Medicare contribution” tax. This 3.8% tax was enacted as part of the 2010 health care overhaul. Some Details The tax applies only to taxpayers with modified adjusted gross income (AGI) above these levels: $200,000 (single/head of household), $250,000 (married filing jointly/surviving spouses), or $125,000 […]

Filed Under: Individual Taxes

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