Many view pets as part of their family and essential to their happiness and mental health. Pets can be an added expense as they may need special diets, require veterinary services, and in some cases, pet daycare. Pets are not considered dependents when it comes to taxes, but if your pet plays a specific role [...]
Project 2025, a policy blueprint developed by the Heritage Foundation, has stirred significant attention due to its controversial tax proposals. This 900-page mandate from the conservative think tank outlines profound changes that could fundamentally alter the federal government, including the tax system. Here's what you need to know about Project 2025 and its potential impact [...]
Retirement is a stage in life that many look forward to. However, it comes with its own set of financial challenges, among them being the handling of taxes. Contrary to popular belief, tax responsibilities do not necessarily cease once you retire. Your tax liability may increase if your retirement income sources are not tax-efficient. Understanding [...]
If you’re looking for information to inform your tax planning strategies for your retirement, look no further. Let’s start with the question everyone wants to know: Is it possible to receive income in retirement without taxes? While it may be technically possible, your optimal income sources probably have some type of taxation associated with them.[1] [...]
Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year. Don’t file too early! You may be eager to file your taxes to get your [...]
With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That's why it never [...]
Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. These three mistakes can help start the conversation about what a comprehensive tax strategy might look like for you. Taking Too Much [...]
As we approach Tax Day, you may be gathering your important documents and preparing to file or file for an extension. Once you have everything sorted out, it’s important to consider how your tax situation could change as you near and enter retirement. Here are three important tax questions to answer this year. Why May [...]
Taxes could be one of your biggest expenses in retirement. But once you have an estimate for your tax burden in retirement, you can consider ways to minimize it. The first step towards creating a tax minimization strategy in retirement is looking at how your different sources of income will be taxed. Pensions If you [...]
Tax Day is April 18th, not the 15th, due to Washington D.C.’s Emancipation Day holiday, so you have a few more days to file your taxes or file for an extension this year than you might have expected. But the 18th will be here before you know it, so don’t procrastinate during tax time this [...]
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