Why wait until tax season to prepare for your upcoming tax filing requirements? Taking some proactive steps before tax season is in full swing can help alleviate stress for both you and your CPA when it comes time to prepare your returns.
Many of us actively choose our state of residence for professional and other opportunities, or perhaps choose to stay close to friends and family and build a life where we spent our formative years.
Let’s face it: There is nothing fun about income taxes. They can be even more unpleasant when you have to cut a fat check to Uncle Sam in April because of a life or work event or change that occurred in the prior calendar year. Perhaps this situation was something you could have planned and prepared for in advance to soften the blow?
For some old movie buffs out there, the “Dirty Dozen” might harken back to the famous 1967 war movie. But there is another dirty dozen that you need to be aware of and that is the Internal Revenue Service’s “Dirty Dozen” list of potential tax scams.
The Tax Cuts and Jobs Act (TCJA) of 2017, signed into law by then-President Trump in December 2017, was one of the most sweeping changes in federal tax law to date.
When “Ross”, age 62, retired from his full-time job in August, he continued to work as a freelance consultant. During all the years he was employed, Ross typically received a bi-weekly paycheck, from which taxes, insurance premiums, and 401(k) contributions were automatically deducted.
During tax season and the inevitable search for financial records, some of us were frantically searching for that one piece of paper we just couldn’t find, and others had everything organized and ready to go.
Even though the past few years have been a challenge for everyone in very personal and different ways, one commonality we all share is that these unusual times have reminded us to cherish what we do have and review/revise our life priorities.
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Tax-Loss Harvesting in a Down Market Cycle
In ranching country, experienced livestock raisers know that periods of drought are inevitable. Not only that, but they know that there are certain things that need to be done during the dry times in order to be able to take maximum advantage of the rains when they begin to fall again in the future. Knowledgeable ranchers will utilize drought cycles to make sure their water reservoirs are in good shape; sometimes they will dig new ones. They’ll give special attention to their pasturing plan, being certain to make the most use of their available resources in order to keep their pastures healthy and ready for the next rains.