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Now is a great time to organize your tax records

Tue, Sep 4th 2018
No, really, it is! The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records. Storage Hints Organize your records by tax year. If you have not already done so, create a folder for the current year’s files. Here are some filing suggestions. Tax return and support. Create a file with copies of your signed tax return(s) for the year. Include any support... Read More »

Reduce your medical expenses - tax smarts that make a difference

Wed, Aug 29th 2018
Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $28,000 on healthcare in 2018 – a $1,000 increase from 2017. Below are some ways you can save tax dollars when paying those medical bills: Contribute to a Health Savings Account (HSA). If you have a high deductible health plan, you can open an HSA account to pay your medical bills. If your health insurance deductible is $1,350 ($2,700 for family) or more... Read More »

Your paycheck might be deceiving you

Mon, Aug 20th 2018
Assess your tax situation now to avoid a surprise in the spring Major tax reform will have a noticeable impact on virtually all taxpayers this year. Will your total paycheck withholdings at the end of the year line up with the new changes? Here are a few of the major changes and why it might be a good idea to see if your withholdings will be adaquate to cover your tax obligation. Key tax reform changes There are no longer any personal exemptions. The standard deduction increased to $12,000 for... Read More »

Tax tips to manage capital gains

Mon, Aug 13th 2018
If not tracked and managed properly, capital gains tax can come as a large surprise at tax-filing time. In fact, many taxpayers don't realize they have a capital gain until they get their 1099 form in January and see a capital gain distribution. Here's what you need to know. Understand capital gains and their taxability Capital gains are recognized when you sell a capital asset for more than your basis in that asset. Capital assets are typically something of value like your home, a car and... Read More »

Common tax increase surprises: I didn't owe that last year!

Tue, Jul 31st 2018
Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when next year, you are required to send in a fairly big check to settle your tax bill. Believe it or not, this message is almost as hard to deliver to a taxpayer as it is to hear it. Here are some situations to watch for that can increase your tax liability: New tax laws. The Tax Cuts and Jobs Act is the most impactful tax reform in years. While the goal of the... Read More »

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