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Tag Archives: tax planning

The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits

The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits As your children age, you can easily be surprised by a larger tax bill. To help ease the possible burden, here are some possible tax hits to prepare for as your children age A higher tax bill in your future At age 13: loss of your Dependent Care Credit. If your children are in daycare …Read More

The 1099 Economy – Get your tax moves down now!

The 1099 Economy – Get your tax moves down now! If you have a number of part-time jobs through the use of internet tools like Uber you will need to make sure you understand your tax obligations. Waiting until the year is over will be too late. With the move towards the Gig economy many more taxpayers are working for others on a part-time basis. So whether you are picking …Read More

Take an IRA Deduction Now. Pay Later.

Want to reduce your taxable income using a tax deferred contribution to an IRA but don’t have the funds to do so? If you expect a tax refund, here is a technique that may help. Here is a tax planning tip for those who file their tax returns early and wish to contribute to a tax deductible IRA, but do not have the funds to do so. Say you want …Read More