Yep, it’s that time of year again. While the stock markets were busy correcting in October, making for a very volatile month, our thoughts turn to year-end tax planning.
Now is the time to take steps to cut your 2018 tax bill. Here are some relatively foolproof year-end tax planning strategies to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA).
Year-end Planning Moves for Individuals
Game the Increased Standard Deduction Allowances. The TCJA almost doubled the standard deduction amounts. For 2018, the amounts are $12,000 for singles and those who use married filing separate …Read More
With all that is happening, taxes may be the last thing you want to think about. Even so, it is good to spend some time doing a financial check at the midpoint of the year so avoid scrambling at the end of the year. If you are not aware, new tax reform was signed into law at the end of 2017. Some of these changes are temporary in that they will last in 2025; others will last until the tax code is rewritten again.
“Your Complete Guide to the 2018 Tax Changes” from The Motley Fool offers an …Read More
MON, MAY 7th, 2018
As we take a deep breath after filing our 2017 taxes and begin to look forward to warmer temperatures and Spring flowers, we should take a few minutes to focus on setting ourselves up for tax success in 2018.
Many of us have enjoyed a bit of extra income as the new tax rates have started to flow through our paychecks. While enjoying the extra cup of coffee, lunch or additional 401k contribution that the extra income is affording us, we need to pause and shift our attention to our tax withholding for 2018. With …Read More
Land a great new job? Awesome. Now is the perfect time to think about your 401(k) and retirement plan, whether you had one before or not. Saving for retirement is important at all ages, so don’t let this opportunity fall to the bottom of your list.
Here are few tips to consider when starting a new job and a new 401(k).
1. Make more contributions if you have a bigger paycheck. When you get a raise, it is a good idea to increase the amount you contribute to your 401(k). You didn’t have this money in your pocket, so you