Taxes

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tax plan now for 2023 returns

A lot has changed with tax laws this year. This will affect how you can reduce your tax debt, where you can move things around to your benefit, and what you owe. You can’t change your capital gains tax liable after the year ends. Now is the time to plan for 2023 tax returns so you don’t get costly surprises when it’s time to file next year for what you did this year. You could save more than you might imagine. Talk to your tax professional. He or she may be able to find ways to move money around to save you thousands and/or reduce your AGI taxable income. It’s incredibly important that you address this now. You don’t want to pay any more taxes than you have to. Changes to standard deductions Numbers are going up in almost all categories for the standard deduction. In 2022 (that’s for […]

How to choose the right tax advisor

Small business owners and individuals often struggle to find the right professionals. I know I’ve made mistakes with service providers for the business as well as trade specialists at my home. It makes sense. You hire people to do things you don’t do. It’s tough to know who’s right or wrong for your needs. This can be particularly true when trying to figure out how to choose the right tax advisor. Fortunately, there are easy ways to identify a good tax preparer. It’s not just the return preparation fee and current mistakes you need to consider. With the new rapid changes in tax law, there’s a lot more a provider needs to know. You pay the price for poorly completed returns. Auditors will require three years back worth of errors be paid without question. When substantial errors are found, fines, interest, and back taxes owed can be levied on the […]

Choosing right come tax time

Small business owners and individuals often struggle to find the right professionals. I know I’ve made mistakes with service provides for the business as well as trade specialists at my home. It makes sense. You hire people to do things you don’t do. It can be tough to know who’s right or wrong for your needs. Fortunately, there are easy ways to identify a good tax preparer. It’s not just the return preparation fee or mistakes made on current year reporting you need to consider. With the rapid changes in tax law we’ve seen over the past few years, you’ll pay dearly for mistakes made three years back automatically, and six years in cases where substantial errors are found. When price is the pitch, you get what you pay for You’ve probably heard local firm claims they’re cheaper than the big guys. I’ve learned the hard way to be wary […]

Act now to reduce tax liability on healthcare

December 15th is the deadline to register with Healthcare.gov. Don’t roll your eyes thinking this doesn’t apply to you. I’ve had clients paying close to $2,000 a month for health insurance unnecessarily. Because they bought their policy through a broker, they can’t get any of it back. Selecting a plan through healthcare.gov is the only way you can get premium tax credits and subsidies. Most who think they don’t qualify are mistaken. The deadline for healthcare.gov participation is tomorrow, December 15th. Think long and hard before you dismiss this as a wise option. It may cost you more than your annual mortgage payment. Here’s the thing – what you get through healthcare.gov is the exact same insurance you get off the street. This isn’t welfare. You’re paying taxes to support premium tax credits and subsidies. It’s crazy not to capitalize on money your government is collecting from you to support […]

Taking a small loss for a bigger win

Taking a small loss for a bigger win It’s not always a bad thing to lose money. Smart investors try to be strategic about how they do it, though. The IRS lets you offset up to $3000 of your income annually with capital gains losses. This can be applied to future years too. Just look at last year’s tax return to see what you carried forward. While losing money on an investment is disappointing, you might find taking a small loss for a bigger win makes sense come tax time. Of course, that requires some smart planning. Tax code changes are still hurting some Changes made with the 2018 federal tax code are still costing people money because individuals, and some professional providers too, don’t understand how much these can affect taxes owed. Think about this – if your joint return in 2018 showed $77,401 in capital gains, you jumped […]