Thankfully, this tax season should be a little easier for individuals than last year as there are fewer uncertainties about changing tax laws. For most taxpayers, they should not expect to pay more in taxes this year with all else being equal (i.e. marital status, income, state of residence etc.). Still, almost all taxpayers can explore the below strategies to lower their taxes in 2013. Read More.
As is the case in most recent years, there are a slew of tax breaks that are set to expire at the end of the year. The big difference with this year in comparison to previous ones is that the Alternative Minimum Tax patch is no longer an issue. It was permanently addressed and “fixed” this year. What tax breaks should businesses and individuals be prepared to lose after the end of the year? Read More.
This week the government failed to reach an agreement on the federal budget and lingering health care reform concerns. The effects have been widespread as it’s impacting over 800,000 government workers, areas of the economy that rely on certain government functions, and it’s bad overall publicity for the country. One other area that has been impacted is the IRS and certain taxpayers. Read More.
Most individual taxpayers must signup for health insurance or face a penalty. The penalties vary by taxpayer and there are actually instances in which a health care subsidy may be available. Find out how you will be impacted by the new requirement slated to go into effect January 1st, 2014. Read More.
The mainstream population always seems to view Florida as the best retirement destination. In many respects, most of the population is correct in that it is one of the most desirable places to live during your retirement. However, it’s not the most tax-friendly state when you review all of the other states. Read More.
During the summer months many of us are not thinking at all about taxes. It’s unfortunate because the most actionable tax planning you can do during the year may occur when you perform a mid-year assessment of your finances. Even more, it’s particularly important this year given that 2013 is the first year for the new tax legislation to go into effect. Read More.