There’s Still Time to Contribute to an IRA for 2019 Taxes

Even though the tax filing season is well underway, there’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019). For most taxpayers, the contribution…

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All about IRAs for 2020

An individual retirement arrangement (IRA) is a personal retirement savings plan that offers specific tax benefits. In fact, IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plans at work, you might also consider investing in an IRA. What types of IRAs…

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Year-End Tax Tips for 2019

Immediate and Long-Term Tax Planning Tips Over the last two years, we have seen many individual tax changes that may have reduced some deductions, increased others and dramatically changed your tax return. There are still a number of tax planning strategies available and in this letter, we will remind you of a few. 401k The…

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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…

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Final Chance to Undo a 2017 Roth IRA Conversion

If you converted a traditional IRA to a Roth IRA in 2017 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo (recharacterize) your conversion. You have until October 15, 2018, to undo your 2017 conversion.* A recharacterization can help you avoid paying income tax on IRA…

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Federal Income Tax Returns Due for Most Individuals

  Filing deadline for most individuals: Tuesday, April 17, 2018 Monday, October 15, 2018, if you file for an automatic six-month extension by the original due date The federal income tax filing deadline for most individuals is Tuesday, April 17, 2018. That’s because April 15 falls on a Sunday, and Emancipation Day, a legal holiday in Washington, D.C.,…

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CFA Recognized as One of Baltimore’s Top Financial Advisors

We are proud to be recognized by Expertise as one of Baltimore’s Top Financial Advisors!  That’s no secret to our clients who have trusted in our fiduciary based services for 20 years.  As we celebrate 20 years in business, we are extremely grateful for the trust our clients have placed in us over the years. …

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Tax Refunds in 2018

Refunds in 2018 Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects more than four out of five tax returns will be prepared electronically using tax software. The IRS still anticipates issuing more than nine out of…

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Tax Filing Season Begins Jan 29th Tax Returns Due April 17th

Tax Filing Season Begins Jan. 29, Tax Returns Due April 17 The IRS will begin accepting tax returns on Jan. 29, 2018 with nearly 155 million individual tax returns expected to be filed in 2018.  The nation’s tax deadline will be April 17th this year – so taxpayers will have two additional days to file…

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CLIENT ALERT: House Passes the American Health Care Act

On May 4, 2017, the House of Representatives passed the American Health Care Act (AHCA). With some changes, this is essentially the same law that was pulled from consideration by the House back in March. Compared to the Affordable Care Act (ACA or Obamacare), the AHCA repeals the health insurance mandate for both individuals and…

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