Is a Tax Time Bomb Lurking in Your Paycheck?
Did your paycheck seem a little higher? If so, it could be a tax time bomb. Learn more on our latest “Tax Tip of the Week”!
September 2020
Make the Most of Your 401(k) Plan
With the future of Social Security uncertain and company pension plans being cut back, careful management of your 401(k) becomes very important. Here are some basic guidelines to help you make the most of your 401(k) investments.
Adjusted Gross Income (AGI)
Adjusted Gross Income (AGI) is a central term in the IRS vocabulary. Can you provide a working definition of the term? Doing so is often the starting point for effective tax planning.
IRS Rules Make Retirement Plan Withdrawals Mandatory
Do you own a traditional IRA, SEP-IRA, SIMPLE IRA, Keogh plan, 401(k) plan, or 403(b) plan? If so, you’ll have to start taking distributions when you reach age 70. If you don’t, you’ll forfeit 50% of the amount you should have taken but did not. Learn more on our latest blog!
The Alternative Minimum Tax: Will it affect you?
In your tax planning, don’t overlook how your tax-saving strategies might be affected by the alternative minimum tax. Here is what everyone should know, detailed on our latest blog!
Reminder: Third Quarter Estimated Taxes Were Due!
If you have not already done so, please plan to make your third quarter estimated tax payment. The due date was Tuesday, September 15th!
Tax Shifting Ideas to Reduce Your Bill to Uncle Sam
Because our tax system is progressive, the next dollar you earn could be taxed at a much higher rate. By shifting taxable income levels from one year to the next, you could potentially pay a lower tax amount in both. Here are six great ideas, detailed on our latest “Tax Tip of the Week”!
Steven D. Struck – Staff Spotlight
When it comes to Steven D. Struck, many words come to mind: Baker Holtz Tax Partner, staff leader, extrovert, classic funny-guy. But there are also a few less common words that describe our tax-guru: New Jersey, people analyzer, and avid sports enthusiast. Learn more about Steve Struck and his influence on the world both inside and out of the four Baker Holtz walls on this month’s “Staff Spotlight”.
Health Savings Accounts Pay Medical Costs and Cut Taxes
Health savings accounts can be used to build tax-sheltered nest eggs that can pay out-of-pocket medical expenses with tax-free dollars. Learn more about the two requirements you need to qualify for an HSA and other details on our latest blog post!
A Gift Of Stock
Providing a gift of stock (or other property) to a friend or loved one can be a powerful tax planning tool. However, it is not without its complications. Information is key when using this strategy! Learn more on this week’s “Tax Tip”!