Income Tax
A Guide To Your Year-End Tax Planning
It is hard to believe that we are once again fast approaching the end of another year. While it seems as if we just finished last year’s tax returns, it is time to take a look at where tax legislation currently stands, how it may impact you, and ensure you maximize your tax deductions before the… read more
Is all fair when it comes to taxes?
The Buffett Rule would ensure that millionaires and billionaires pay more in federal taxes, but does this seem fair especially when you look at the facts surrounding why the disparity arises in the taxes paid? This CNNMoney article highlights the two key reasons why the super rich pay less in taxes with both reasons pointing… read more
Higher Education Tuition Deduction
A maximum deduction of $4,000 can be claimed for higher education tuition payments paid for oneself, a spouse or a dependent. Qualified higher education expenses include tuition, books, supplies and equipment. The deduction is phased out if your AGI is between $130,000 and $160,000 ($65,000 and $80,000 if you are single).
Estimated Tax: Getting it Right
Estimated tax is used to pay tax on income that is not subject to withholding or if not enough tax is being withheld from a person’s salary, pension or other income. Income not subject to withholding can include dividends, capital gains, prizes, awards, interest, self-employment income, and alimony, among other income items. Generally, individuals who… read more
