Tax Planning

By Steve Barrett, CFP®, AWMA®, AIF®, CPWA®
Vice President of Wealth Management

I am guessing most of you would answer “no”. In fact, I would expect everyone would like to pay less in taxes. However, the new tax law reduced many of the individual tax brackets only through December 31, 2025 (barring any action by Congress or the President). Therefore, it may make sense to pay taxes now in order to pay fewer taxes throughout your lifetime.

By Colleen M. Henes, CFP®, JD
Happy Tax Day! As tax season comes to an end, so do my weekly tax tips. I hope you have found them helpful and relatable. If you ever have a tax question, please do not hesitate to reach out to me at any time. No question is too small. Now it's time to celebrate!

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Are you employed and have a home office or significant unreimbursed business expenses such as travel costs, union dues, professional licenses/subscriptions, or continuing education fees?

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Do you know if you can contribute to a traditional IRA this year (or for 2017)? If you have taxable compensation and you are under age 70 1/2, then the answer is “yes”!

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Are you afraid that your tax preparer may file an extension for your taxes? Don’t be! Extensions are quite common and can be requested for any reason (in fact, you don’t even have to give a reason).

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

There have been a lot of changes in the tax code since President Trump signed the Tax Cuts and Jobs Act in December 2017. One of the most talked about is deductions.

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Did you know that the IRS has a Taxpayer Bill of Rights? If you ever need to deal with the IRS, make sure you know your rights!

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Did you know Congress passed more tax legislation last month in the budget agreement?

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

We have been receiving a lot of questions on whether the interest on your second mortgage or home equity line of credit (HELOC) is deductible under the new Tax Cuts and Jobs Act enacted in December 2017.

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

Are you required to take minimum distributions from your IRA? If so, did you know that you can donate up to $100,000 per year directly from your IRA to the charity of your choice (and an additional $100,000 from your spouse's IRA)?