A common question we encounter is: How much in taxes should I have withheld from my paycheck? This is a frequent thought once the prior year’s tax returns have been filed and individuals are looking ahead to the current year. Reviewing your withholding periodically is important because if you do not estimate your income tax withholding […]
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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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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 […]
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Tax Planning for the Self-Employed
Self-employment is the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you’re self-employed, you’ll need to pay your own FICA taxes and take charge of your own retirement plan, among other things. Here are some planning tips. UNDERSTAND […]