Solutions to Make Better Decisions with Your Taxes and Money

Estimated tax payments and retirement – what you need to know

If you’ve been an employee all your working life, you’re probably used to having income tax withheld from your pay. When it comes time to retirement, however, you might be surprised to find you may need to make estimated tax payments on your income four times a year. For some people, the days of simply […]

When Does Capital Gains Tax Apply?

You sold your house, an investment property or something else of value. When do you tell the IRS? When you sell a valuable asset, such as real estate, the IRS definitely wants to know about it. In fact, for the sale of many assets the IRS finds out even if you don’t tell them, thanks […]

HSA, FSA or HRA — How Your Health Plan Affects Your Taxes

It’s important to understand the type of health account you have or could have, so you can take full advantage of any tax benefits. Three common types of tax-advantaged health accounts are health savings accounts (HSA), health flexible spending accounts (FSA) and health reimbursement arrangements (HRA).

5 Things You Didn’t Know Were Taxable

When you think of taxable income, the first things that come to mind are most likely wages, including self-employment income, and perhaps capital gains and interest income. As you prepare your taxes, however, you may discover additional types of taxable income that could take you by surprise. Check to see if any of the following […]

Roth vs. Traditional 401(k) – What’s the difference?

When you start working at a new company, you typically have a few decisions to make within those first few days on the job. And one of those decisions may be whether you want to sign up for a Roth 401(k) or a traditional 401(k) plan. You understand having a retirement plan in place is […]

6 Things You Should Know About the Alternative Minimum Tax (AMT)

Don’t let the alternative minimum tax catch you by surprise. The Alternative Minimum Tax (AMT) was created in 1969 to keep a small number of wealthy taxpayers from using tax loopholes to avoid paying any tax at all. Instead of closing the loopholes, Congress came up with a plan to calculate a person’s tax two […]

A Quick and Easy Guide to Filing an Income Tax Return for an Estate (Form 1041)

If you’re the personal representative for someone who is recently deceased, you may need to file Form 1041, Income Tax Return for Estates and Trusts, for their estate. However, not every estate requires an estate tax return. Sometimes, all you need to do as a personal representative is make sure an individual income tax return […]

5 Popular Money-Saving Tax Deductions

You can spend a lot of time determining which tax deductions will benefit you most throughout the year – and usually, that’s time well spent. For example, if you’re in the 25 percent tax bracket, every dollar you find in deductions may save you close to 25 cents in taxes. Let’s take a look at […]

Understanding IRS Forms 1095-A, 1095-B and 1095-C

Aside from Form W-2 and the usual tax documents that find their way into your mailbox during tax season, this year, you may also receive new forms related to the Affordable Care Act. But, what you are you supposed to do with them? To help clear up any confusion as you file your 2015 tax […]