What will your marginal income tax rate be?

While the Tax Cuts and Jobs Act (TCJA) usually reduced individual tax rates for 2018 through 2025, some taxpayers might see their taxes go up due to reductions or eliminations of certain tax breaks—and, in some cases, due to their filing status. However, some might see additional tax savings due to their filing status. Unmarried … [Read more…]

You may be able to save more for retirement in 2019

Retirement plan contribution thresholds are indexed for inflation, and many have gone up for 2019 which give you opportunities to grow your retirement savings: • Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) • Contributions to defined contribution plans: $56,000 (up from $55,000) • Contributions to SIMPLEs: $13,000 (up from … [Read more…]

Act soon to save 2018 taxes on your investments

Did you make investments outside of tax-advantaged retirement plans? If so, you may still have time to shrink your 2018 tax bill by selling some investments—you just need to select which investments you sell carefully. Try balancing gains and losses If you have sold investments at a gain this year, consider selling some losing investments … [Read more…]

2019 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the critical tax-related deadlines affecting other employers and businesses during the first quarter of 2019. Consider that this list is not all-inclusive, so there may be additional deadlines that apply to you. To learn more about the filing requirements and to ensure you are meeting all applicable deadlines, contact us. January … [Read more…]

Does prepaying property taxes make sense anymore?

Prepaying property taxes related to the current year but due the following year has been a popular and effective year-end tax-planning strategies. However, does it still make sense in 2018? For some people, yes—hastening this expense will increase their itemized deductions, decreasing their tax bills. However, for many, mainly those in high-tax states, changes made … [Read more…]