Category: Taxes
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Why it is Critical to Plan for 2022 — NOW!
Trust you enjoyed a wonderful Thanksgiving! At publishing time for this article, I have laced up the running/walking shoes and hit the pavement to lose the excess turkey weight gained from the abundant offering of two meals last Thursday. Planning is the process of proactively controlling those events in life that you are capable […]
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Another Type of Income Tax
As we get closer to Thanksgiving Day, it jars in my mind the opportunities we have to reduce our taxable income. The important matter to remember is that most humans, in the United States, are calendar-year, cash-basis taxpayers. There are many more tax planning strategies available to us prior to the close of the year […]
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The One Constant is Change
Remember as a younger person when you first heard the phrase, “the only constant in life is change”? At the time you, perhaps, thought the person to be either a great philosopher or speaking gibberish. As I am approaching the inspirational age of 60 years young, the aforementioned statement of change has been proven true […]
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New Tax Law, New Opportunities
One thing in life you can always count on is that tax laws will never be simple in language or applicability! President Biden signed the Inflation Reduction Act of 2022 into law on August 16, 2022. Immediately, much hoopla ensued from the Biden Administration touting its effectiveness and from opponents as to its contribution to […]
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Timing is Everything
Time is the one facet we humans can’t command in life. You may attempt to manage it, schedule it or even slow it down but you can never make time work to your will and wishes. In that similar regard, the Internal Revenue Code, which is the law guiding the assessment, reporting and payment of […]
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Bringing Clarity to Gift Taxes
Many of us have worked extremely hard in life to accumulate a substantial amount of assets to fund our future retirement. The younger generation is buying homes, attending college, and beginning their lives in a way they had been accustomed from their parents. However, in the words of the great songwriter, Bob Dylan, “these times […]
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Why Itemize Deductions?
Remember the old days when you could gain a tax benefit for paying your property taxes in December, generously donate to qualified charities and deduct your mortgage interest? Those deductions from the good old days are still available, but you must have a significantly greater amount of them to itemize and gain a benefit on […]
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IRA Planning for 2021
The pandemic of the past two years has brought a tremendous amount of pain to many lives but there is a positive aspect in that dark cloud of gloom. One of the best attitudes, when performing tax and financial planning for your family, is to seize opportunities that are given you. In other words, capitalize […]
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U.S. Proposed Tax Policy Review
No other area of life, for United States citizens, causes as much anxiety and grief as the income tax. The cost of our republic is not cheap; however, we could do a better job in developing our revenue system and dispensing the funds in a more appropriate manner according to the fiscal experts found at […]
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Year-End Tax Planning Ideas
When is the best time to plan for lowering your income tax bill? Everyday! As we rapidly approach Halloween, it triggers in my mind a few activities that should be addressed by individuals who desire to pay less in income taxes for 2021. Most Americans will not itemize deductions due to the higher standard deduction […]