Stay Calm and File On Time! 7 Need-to-Know Tips for Last-Minute Tax Filing

Tax season always has a way of sneaking up on us. A quote by American writer Rita Mae Brown that could have easily been uttered by the IRS or any one of us goes, “If it weren’t for the last minute, nothing would get done.” According to Psychology Today, procrastination is right up there with being a basic human instinct when it comes to human behavior. If you know you usually wait until the last minute to file your taxes, a to-do list could help you stay motivated and on top of your responsibilities. Need help getting started? Here are six need-to-know tips for last-minute tax filing. […]

Read More…

Don’t Forget to File! 8 Tax Filing Tips to Help Mitigate the Stress

If you hear the term HENRYs mentioned during a financial conversation, you may or may not be familiar with the fairly new acronym. It stands for “High Earners, Not Yet Rich,” or another way to describe them is “high earners with little to no savings,” or the “working rich.” If individuals that are big spenders and not in the habit of saving much yet, they may find a way to mitigate some of their financial stress through modifying their tax filing strategy. […]

Read More…

6 Tips for Reducing Social Security Taxes

Determining how your income impacts Social Security (SS) taxes is important for tax planning. Factors that determine how much pay SS tax you pay, depending on your circumstances, include:

If you have income from working in retirement.

If you are self-employed.

If you receive interest, dividends, or other taxable income.

You may pay SS tax if you:

File an individual federal tax return, and if your combinedincome is between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.

File a joint federal tax return, and you and your spouse have a combined income between $32,000 and $44,000; you may have to pay income tax on up to 50% of your benefits. If you have more than $44,000 in income, up to 85% of your benefits may be taxable.

Are married and file a separate tax return, you may have to pay SS taxes. […]

Read More…