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Savings Geeks, Get Ready To Do The Happy Dance! You Can Save More In Your 401(k) And IRA In 2019

Savings geeks (like us), prepare to do the happy dance. If you like to save on taxes, we’ve got great news for you. You can save and deduct more in your 401(k) and IRA next year. Here’s the new amounts for 2019: 401(k): $19,000 ($25,000 if age 50 or over in 2019) IRA or Roth […]

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Making Gifts To Charity? Here’s How To Maximize Those Tax Benefits

Making gifts to charity? Giving is good, but getting tax benefits when you give is even better. Due to changes in the tax law, it’s now harder for most people to get a tax deduction when they give to charity. But that’s no reason to stop giving. We’ve got the perfect solution – a Qualified […]

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How To Use Your Tax Refund To Help Your Future Self

Are you getting a tax refund? According to the IRS, the average tax refund this year was $2,780. We talked with financial reporter Maridel Reyes of Synchrony about smart ways to handle your tax refund. Sure, you can just go out and spend it, but there are better ways to use it to get yourself […]

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What You Need To Know About Annuity Taxes Before It’s Too Late

Sad to say, we spend a lot of time trying to get clients out of annuities they’ve purchased elsewhere. Annuities can be extremely costly, and once you’re in, you may not be able to get out for seven or more years without a major hit to your wallet. The sales pitch is always compelling, but […]

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Happy Tax Day, America!

As millions of Americans went online to file their taxes on the April 17 due date, the IRS online payment crashed, forcing tax officials to delay the tax payment deadline to midnight on Wednesday, April 18. Technical difficulties prevented individual taxpayers from filing their returns. It also reportedly interfered with electronic filings from third-party tax […]

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Too Soon To Talk (Roth) Turkey

With tax rates headed lower for many people, this might be a good year to consider a Roth conversion. For the uninitiated, that’s when you withdraw funds from a traditional IRA, pay the tax now instead of later, and then move the funds into your Roth IRA. Once your savings are in a Roth, they’ll […]

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One Last Minute Tax Tip You Should NOT Ignore

Here’s one tax tip that will never lead you wrong: Fund your Roth IRA. If you are eligible to make a Roth IRA contribution for 2017 (yes, there is still time!), do NOT fail to do so. Roth IRAs have been around since 1997, and they remain one of the best  deals out there. Whatever […]

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Clearing Up The Confusion: Deducting Mortgage and Home Equity Interest In 2018

You probably know that last December’s Tax Cuts and Jobs Act changed the rules for deducting mortgage and home equity interest. Now, the IRS has fine-tuned the new guidelines, clarifying that you are allowed to deduct home equity interest in some cases. Here’s a quick summary. As always, consult your tax advisor for details relating to your situation. […]

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Watch Out For These Changing Tax Deductions In 2018! (And What You Need To Do Now)

The Tax Cuts and Jobs Act, passed last year, will change the way you can deduct expenses on your 2018 taxes. The new tax regime is expected to lower taxes for the vast majority of Americans, as well as small-business owners — at least until the cuts expire after eight years. Here’s a brief summary of how your […]

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Least Tax-Friendly States for Retirees

Are you living in one of the least tax friendly states for retirees? That’s the case if you live in Connecticut, Indiana, Kansas, Maryland, Minnesota, Nebraska, New Mexico, Utah, Vermont, or Wisconsin. Those are the worst 10 tax states for retirees. The absolute worst state for retirees in terms of their tax bill, according to Kiplinger magazine, […]

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