Having a child is one of life’s special events – but the cost of a growing family can also bring challenges to your life. Here are some ways that you can take advantage of tax breaks that come along with those extra mouths to feed.
What a relief it is as individual taxpayers to get our pesky income tax return filed on July 15 (or sometime thereafter, on extension) and have the IRS leave us alone for another year, right? Well – maybe, depending on your income and income tax withholding on said income.
The tax law changes of 2018 eliminated the tuition and fees deduction for college expenses. There are still several ways to save on taxes when saving for and paying for college.
Hopefully you can enjoy scenes like this more so than your file drawer over the next few months. So, to make that happen, we can help you more easily collect the information necessary for your upcoming tax preparations.
The maximum contribution for 2020 contributions is $6,000 ($7,000 if age 50 over over). There are income limits which determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth contribution.
For many, charitable giving is an important personal value. For those of you who already have charitable intent, then a bit of planning will ensure that your gift is optimized from a tax standpoint, which is a true win-win for both you and the charity you choose to support.
Normally, we CPAs do not make these requests until we are in the throes of tax season. Let’s take a proactive look at steps you can take now.
The kids are back in school, the leaves are changing colors, and pumpkin spice lattes – the age-old harbingers of harvest season – are everywhere. At Parsec, we are preparing for the harvest…of tax losses. Every year, beginning in late October/early November, Parsec’s portfolio managers will scour clients’ taxable accounts for meaningful losses, which we
With this article, we hope to equip the reader with a basic understanding of the individual income tax calculation and the use of a taxpayer’s marginal tax rate or tax bracket in investment and income tax planning.