If you are enrolled in a high deductible health plan (HDHP) through work or on your own, funding a Health Savings Account (HSA) could be considered a top priority
Tax season is officially over, but the Internal Revenue Service may not be finished with you.
There is always the chance that the IRS will audit your returns.
As a result of the Tax Cuts and Jobs Act (TCJA) of 2017, many taxpayers may not itemize deductions in the future. Therefore, the benefit of deductions of smaller charitable donations you may have had in the past, could end up being eliminated under the new rules with the doubling of the standard deduction and removal of many other itemized deductions.
After prolonged negotiations between both houses of Congress, significant federal tax reform was signed into law by the President in the final week of 2017. What began as a Republican‐led blueprint for a simplified tax system in late 2016 became a 500+ page bill in its final form. The new tax laws will affect the vast majority of individuals and businesses through revised tax rates, as well as some noteworthy changes to deductions.
If you’d like to lower your tax burden for 2017, there is still time to pull this off, but you have to hurry. Here is a list of six actions that you can take before January 1, 2018.
Many donors don’t fully appreciate the potential tax savings that can come from charitable giving. Not only is the timing of the gift important, but how the gift is made (whether in cash or securities) also has an impact on the possible tax benefits.
Are you getting a tax refund this year?
Through the first week of April, most American taxpayers were owed a refund. Of the nearly 101 million tax returns filed, 80.2 million were due a tax refund averaging $2,851.
If you don’t yet have a plan for your refund, here are some suggestions:
If you would like to maximize your tax-deferred assets and you have not fully funded your traditional IRA or Roth IRA for 2016, you have until April 18 to make a contribution, since the usual tax filing date of April 15 falls on a holiday weekend this year.
It’s almost time for spring cleaning.
While you’re thinking about what needs cleaning in your house, don’t forget to declutter by getting rid of unnecessary documents.
When contemplating this thankless task, a major hang-up, besides time, is determining what you can safely toss. Or better yet, shred, so the documents don’t fall into the wrong hands.
Here are 10 things you can safely shred: