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. […]

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Protecting Your Tax Identity Doesn’t Have to Be Taxing 

When you think of identity theft, you may think of unauthorized credit card payments or new lines of credit. However, tax identity theft is one of the most common types of identity theft — and it’s also the most common fraud attempt during tax filing season.1

If your identity is stolen for tax purposes, you can find yourself waging battle on two fronts: against the identity thief and the IRS. Fortunately, protecting your tax identity doesn’t have to be difficult. Below, we explain a couple of ways you can theft-proof your ID. […]

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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. […]

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Tax Prep Checklist: Everything You Need to Be Ready for Tax Season

Regardless of whether you prepare your taxes yourself or use a professional’s services, it’s a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we’ve listed some key information you need when preparing this year’s taxes. Your Personal Information The personal information you may […]

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