Simple Tax Considerations for 2020-2021 | Paul Fain, CFP® and Joe Ottaviano, CFP®, CKA® TAX CHANGES IN 2021? Maybe. One of the possible implications of a change in the White House is tax regulations. Americans, blue or red, are asking the same question: are my taxes going to change? Joe Biden’s victory could spell changes in…
President Trump has introduced his tax reform plan and it appears that it will benefit most U.S. households but how will it affect YOUR money? Paul was recently interviewed by NBC’s Knoxville affiliate, WBIR: VIDEO BELOW PAUL, WHAT ARE SOME OF THE MAIN PROVISIONS OF THE TRUMP TAX PROPOSAL? Doubles the Standard Deduction. Reduces or…
Tax refunds are in the mail! With the average taxpayer expecting to rake in a refund of more than $3,000, what should you do with the windfall? IF YOU ARE EXPECTING A REFUND, WHAT IS THE SOLID “EAT YOUR VEGETABLES” ADVICE? 1. Pay down high-interest debt: this is how 40% of Americans will use…
Almost every single client we meet with over the age of 65 asks “what about the required minimum distributions from my IRA?” and with good reason! Even if the specifics are not understood, what most do know is that this is very important to get right. The first element to understand is when a distribution…
Do you have a “pending” file? How long have some of those actions been pending? How many relate to your personal financial plan? Consider the synonyms for “pending”: unresolved, unsettled, up in the air, on ice, unfinished, on the back burner. I don’t know about you, but unresolved financial matters in my life are a leak…
If it sounds too good to be true, it probably is! In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. LET’S START WITH THE BOTTOM LINE…THE IRS DOES NOT REQUEST PERSONAL INFORMATION BY TELEPHONE OR EMAIL! The Internal Revenue Service does…
It is Tax Season! From coast to coast, taxpayers are scurrying to gather tax documents and to file their 2016 tax returns. Good tax planning can avoid 7 common tax filing mistakes. WHAT ARE THE GOALS OF GOOD TAX PLANNING? Be organized (If you have savings and investment accounts, companies are issuing 1099 summaries…
The time for gathering data and IRS tax filing is upon us. This year more than ever, it’s important to safeguard your personal and tax related information. Taxpayers, tax preparers, and businesses need to work together to prevent identity and asset theft. Here are some tips to help you and your tax preparer have a smooth…