As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2021.
Individual Taxpayers: The Year in Review
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Category: Featured Articles
Tax Benefits of Health Savings Accounts
While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits. Let’s take a look:
Worker Classification: Employee vs. Contractor
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.
Business Owners: Year-end Tax Planning Strategies
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look:
Individual Taxpayers: Year-end Tax Planning Strategies
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021.
If You Receive an IRS Letter or Notice
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS notices and letters.
Use These Strategies To Pass on Wealth to Heirs
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low interest rates and a volatile stock market.
Defer Capital Gains Using Like-Kind Exchanges
If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed.
Small Business: Tips for Ensuring Financial Success
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not.
Marginal vs. Effective Tax Rates
Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences.
