Category: Tax Planning

2018 Arizona Tax Credit Limits

2018 Arizona Tax Credit Limits

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Published: November 24, 2018

The Arizona State Tax Credit program allows you to make a donation to an eligible organization and receive a dollar-for-dollar credit against Arizona state taxes owed. Donating to tax credit eligible organizations will most likely leave you in a tax neutral situation – meaning you’ll pay about the same total amount whether you use the tax credits or just pay the tax. But by donating you get a say in how the money is spent by choosing which of the tax credit eligible organizations you contribute to. You can contribute up to the amount of your expected Arizona tax liability. If you

6 Smart Year-End Tax-Saving Money Moves

6 Smart Year-End Tax-Saving Money Moves

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Published: November 10, 2018

Why is it, every year after Halloween, we are “shocked” to find that we are hurtling towards December 31st? As busy as it may get at year-end, make a promise to yourself. Find a way to steal two hours from your day to focus on something that will help you save money before heading into 2019. Sit down and estimate your 2018 taxes. Once December 31st passes, there is almost nothing you can do about your tax bill. A little planning now goes a long way. When you project what your tax return will look like BEFORE the year ends, you can identify

How Much Should I Withhold for Taxes in Retirement?

How Much Should I Withhold for Taxes in Retirement?

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Published: March 11, 2018

Many upcoming retirees aren’t quite sure how taxes in retirement are calculated. It’s not all that different than the way they are calculated while you are working. Much like when you are working, you need to have an estimate of the amount of taxes you are required to pay so you know what amount to have withheld from pensions, Social Security, or other types of income. In this article we’ll look at a series of sample calculations so you can see how to calculate your tax withholding in retirement. We look at scenarios using both 2017 and the new 2018 tax

Inheritance Tax Checklist: Know Before You Sell

Inheritance Tax Checklist: Know Before You Sell

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Published: February 27, 2018

When a client asks about inheritance taxes “it depends” are usually the first two words out of my mouth. Many people don’t realize that inherited assets—property, stocks, investment accounts, etc.—may be subject to taxes and that there are specific tax rules for each type of asset or account. So before you sell Uncle Oscar’s rare wine collection, make sure you know the rules! We are not talking here about estate taxes. Estate tax is assessed on the total value of everything you own; real estate, stocks, bonds, retirement accounts, businesses, farms, land, and it even includes the death benefit values of

Taxes in Retirement. Tax Rules That Await You in Your “Golden” Years.

Taxes in Retirement. Tax Rules That Await You in Your “Golden” Years.

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Published: July 11, 2017

Retirees face new tax issues when they stop working (or start working part-time). And it affects you whether or not you change tax brackets. Once retired, many of us will have somewhat lower income than in prime working years. And that implies lower taxes, but most also will have multiple sources of income. And that complicates tax payment for those who are used to a single source of income. There will be Social Security income, minimum required distribution income from tax-advantaged retirement accounts and perhaps other income from investments, property, freelance or part-time work, etc. So, instead of getting a single paycheck