2023 End of Year Tax Letter

As we wrap up 2023, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken to reduce taxes and help you save for your future. As you know, we affectionately call our proven process One Advisor Twice the AdviceTM. Which means when we look at…

Read More

What Is My Tax Bracket for the 2022 Tax Year?

It’s never too early to start looking at your tax obligations for the coming tax season. The information in this article is for the 2022 tax year, which most taxpayers will file in 2023. The seven 2022 tax rates themselves didn’t change (they are the same as those in effect for the 2021 tax year);…

Read More

Year-End Tax Tips for 2021

As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought up questions that significantly impact your personal and financial situation. Now is the time to work on your current tax strategies to make sure they are still meeting your needs and take any last-minute steps that could save you…

Read More

IRS Releases 2022 Key Numbers for Health Savings Accounts

The IRS has released the 2022 contribution limits for health savings accounts (HSAs), as well as the 2022 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that’s paired with an HDHP. An HSA offers several valuable tax benefits:   You may be able to make pre-tax…

Read More

Teachers Can Deduct COVID-19 Supplies on Tax Return

Eligible teachers can write off their expenses for coronavirus protective items that will help stop the spread of COVID-19. The IRS has just issued guidance under which teachers can deduct unreimbursed expenses for protective items thanks to the COVID-Related Tax Relief Act that was passed in December.     Personal Protective Equipment (PPE)  Personal Protective Equipment (PPE) and other items used to stop the…

Read More

Year-End Tax Tips for 2020

As we wrap up 2020, we are all looking forward to brighter and more COVID-free days ahead. Year-end tax planning has never been more crucial. This year brought new challenges that can impact your personal and financial situations – COVID-19, economic relief measures, and new tax laws. Now is the time to take a closer…

Read More

The FAFSA and Your Income

Your income from two years prior is what counts on the FAFSA. For example, the 2021-2022 FAFSA will rely on income information in your 2019 tax return. FAFSA for 2021-2022 Academic Year Opens on October 1.   The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 year opens on October 1, 2020. The…

Read More

Temporary Payroll Tax Deferral: What You Need to Know

On August 8, 2020, the president issued an executive order to allow the deferral of certain payroll taxes during the last four months of 2020, and the IRS recently provided related guidance. This has implications for both employers and employees. Here’s a brief summary of the issues. Already-existing payroll tax deferral provisions There are generally…

Read More

IRS Clarifies COVID-19 Relief Measures for Retirement Savers

The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with the financial fallout from the virus. The rules were a welcome relief to many people but left questions about the details unanswered. In late June, the IRS…

Read More