Many of you are BWFA tax clients, and our team of tax professionals assist you with filing your annual tax returns, doing quarterly analysis of the proper amount of estimated taxes where necessary, and a host of other tax analyses. The most recent “tax season” was one of the most challenging for all of us, with […]
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How Does Everyone Feel About Taxes?
I’m assuming you all have answers I don’t want to hear. Last quarter, Amy Cudia (Tax Advisor) took the time to tell you about Federal tax credits and how they work. Let’s discuss even more ways to save you money. WITHHOLDING I know what you’re going to say: Changing my withholding doesn’t change the amount […]
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Understanding Personal Tax Credits
Have you ever thought that you’re paying too much income tax? You may be, if you’re not claiming all of the tax credits for which you are eligible when you file your federal tax return. These credits may significantly reduce your tax liability. WHAT IS A TAX CREDIT? A tax credit is a dollar-for-dollar reduction […]
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How Can Losses Help Reduce Taxes and Benefit Your Long Term Results?
You are taxed on your earnings. Generally speaking, your earnings equal your income and gain, less your allowable expenses and losses. Because losses reduce your earnings, losses can help to reduce your tax liability. It is important, therefore, to know how losses arise, how losses are classified, and how losses are taxed. A thorough familiarity […]
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Gift and Estate Taxes
If you give away money or property during your lifetime, those transfers may be subject to federal gift and estate taxes, as well as state gift tax. The money and property you own when you die (i.e., your estate) may also be subject to federal gift and estate taxes and some form of state death […]
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Taxes Are Changing! What Do We Do?
Don’t worry, we’ve got you covered. We are going to work our way through a 1040 (individual income tax return) and give the highlights of the tax changes. The first item on the return that changed is alimony. Starting in 2018, you are no longer required to claim alimony income. This also means that you […]