The Tax Cuts & Jobs Act (TCJA) was passed by Congress and signed into law by President Trump in 2017. The TCJA expires in 2025, which means one of three things: Congress and the President could work together to develop a new law, act to extend the current law, or let it expire, meaning the tax laws would revert to their 2017 levels. With tax day behind us, I thought… Read More
I remember listening to one of my parents’ friends talk about retirement. He was proud that his tax-free income was covering all of his expenses. Although I was in a pretty low tax bracket at the time, I liked the idea of not having any deductions from my paycheck. I didn’t know it then, but he was saying that his entire portfolio was in municipal bonds, which are generally exempt… Read More
One of the immediately obvious results of the election is that the tax code is going to change. Republicans have had several plans in the works for years that differ from what Trump has proposed on the trail, so the final result won’t be known for a little bit even though changes are a priority for the President-elect and both houses of Congress. Income Taxes For the sake of simplicity,… Read More
Although we all know that ‘tax day’ is April 15th, a holiday in Washington DC pushed back the due date until today. Here are some fun facts from efile.com to help ease the pain: In 1705, Russian emperor Peter the Great taxed beards in the hopes that more men would adopt a clean shaven look. Playing cards and dice were taxed in England going back to 1710 and rose to… Read More
Tax season doesn’t have to be stressful. With the right system, you can gather your documents efficiently, maximize deductions, and even improve your investment strategy to boost after-tax returns. Below, we combine expert guidance on preparing your tax documents with strategies to optimize your portfolio for tax efficiency. Step 1: Create a Tax Document System Tax time doesn’t have to be drudgery. With a simple system, you can gather all… Read More
