What a relief it is as individual taxpayers to get our pesky income tax return filed on April 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.
This article includes a general checklist to guide you as you organize your income tax information.
The maximum contribution for 2023 individual retirement account contributions is $6,500 ($7,500 if aged 50 and over). There are income limits that determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth IRA contribution.
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.
Even though the past few years have been a challenge for everyone in very personal and different ways, one commonality we all share is that these unusual times have reminded us to cherish what we do have and review/revise our life priorities.
As we approach the end of the year and the holiday season, we seem to be bombarded with opportunities for charitable giving. Happily, many of us answer this call and donate generously to our favorite charitable organizations. Your generosity may also be beneficial at tax time if you remember a few tax implications of donations …
When the time has arrived where a conversation includes both taxes and Medicare, often there are more exciting items to plan for such as visiting family, traveling, golfing, or diving into a life-long hobby you’ve always been interested in. Although those other interests often take precedence, it is important to understand the correlation between income taxes and Medicare premiums as there are a few planning considerations related to the Medicare Income-Related Monthly Adjustment Amount (“IRMAA”). IRMAA is an additional surcharge for Medicare that is payable based on your income level.
Have you ever considered running your own business? Parsec Director of Tax Services Brad Burlingham outlines some key tax considerations.
Normally, we do not make these requests until we are in the throes of tax season but let’s take a proactive look at steps you can take now via our year-end tax to-do list.
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.