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Tax Help for Growing Families

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.

Estimated Tax Payments

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.

Paying for College: Tax Savings

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.

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Get Ready for Tax Season

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.

Roth or Traditional IRA? - Parsec Financial

IRA Contribution Rules

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.

The Importance of Giving - Parsec Financial

Tax Implications of Charitable Giving

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. 

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(Tax loss) Harvest Season is Almost Here!

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

Income Tax 101 for Investment and Tax Planning

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.

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