Tax Deadlines 2026: A Complete Calendar for Individuals and Businesses
Tax deadlines may seem confusing, but they directly affect your cash flow, retirement planning, and long-term wealth strategy. Knowing what’s due and when helps you avoid penalties and make intentional financial decisions throughout the year.If you miss a filing deadline, you could face a failure-to-file penalty of 5% per month, up to 25% of your […]
Does the SECURE 2.0 Act Make 529s More Attractive?
Many of your have heard of the popular 529 savings plans that custodians can set up to fund their child or grandchild’s college education. Earlier this year, you likely also heard about the SECURE 2.0 Act which brought down some of the biggest changes to retirement and savings plans in recent years. But what does […]
Impact of New Tax Laws on Your Financial Planning
For many Americans, taxes are an essential consideration in their financial planning. As they should be! Because the tax code changes frequently, it’s critical to pay close attention to how they could impact your bottom line. Although Congress hasn’t passed any new tax legislation in the last few years, tax law changes could still […]
How to Pay Fewer Taxes on Retirement Account Withdrawals
Where there is income, there will be tax. So, it’s no surprise that building a successful retirement income plan will have a lot to do with how much tax you will pay on your account withdrawals. In all honesty, planning for the “money-out” phase of retirement is often more complicated than the “money in” […]
How to Make a Last-Minute IRA Contribution for the 2022 Tax Year
It’s a new year, and the book has closed on 2022. But, those still looking for a way to reduce their 2022 tax bill and accelerate their retirement savings have a planning opportunity available, which is to make an individual retirement account (IRA) contribution before the tax filing deadline of April 18, 2023. Reduce […]
Didn’t Prepare for Your Taxes Very Well Last Year? Here’s What to Do Now
Taxes are no fun. In fact, they might join root canals at the top of the list of “least favorite things to do with your time,” which is why many folks tend to wait until the last minute to deal with tax-prep related responsibilities. While it feels great just to get them done and […]
How to Take Advantage of the Inflation Reduction Act
Have you considered switching to a more energy-efficient vehicle or perhaps adding solar panels to your home? How about a new water heater? With inflation on the rise, you may have been holding off on some of these larger purchases, but the government incentives passed with the Inflation Reduction Act may just cause you to […]
How Rising Interest Rates Could Impact Your Finances
As expected, the Federal Reserve is holding firm to its policy of hiking short-term rates in an effort to cool inflationary pressures. Generally, these small, incremental rate increases don’t immediately impact consumers. The fed rate is the rate the Treasury charges banks for the use of money overnight. When the Fed raises its short-term rate, […]
Retirement Account Tax Changes for 2021
Every year brings new tax rules and updates, so it’s important to take a quick look at retirement tax changes for 2021. Find out about possible tax increases. Manage your tax liability by using your retirement accounts and other tax deductions. Tax Changes for Standard Tax Deductions The standard deductions increase slightly due to […]
Why you should be tax-loss harvesting
Tax losses can be constructive when it comes time to add up what you owe Uncle Sam. Especially when you’re in a high tax bracket and especially in years where you have gains that you’d like to offset. Losses need to be realized before the end of the year, December 31, to qualify for that […]