An effective tax strategy to minimize the taxes you pay is a critical component to anyone’s overall financial plan.

Do you use third-party payment apps? Be aware of new IRS reporting requirements.

"You didn't get a deduction for that bedroom set when you bought it. But if you sell it at a garage sale, you might wind up with a tax bill unless you're careful"- Gary Stewart Starting January 1, 2022, anyone receiving $600 or more in payments for goods and services through third-party payment companies (Paypal, [...]

By |2022-01-17T20:02:09+00:00January 15th, 2022|Taxes|

Does a deferred income annuity have a place in your retirement plan

Does a deferred income annuity have a place in your retirement plan? If you're looking for payments that begin on a future date and continue for the rest of your life, your spouse's life, or for a specific period, you might consider a deferred income annuity (DIA). DIAs offer several distinct advantages over other kinds [...]

By |2021-12-10T20:38:12+00:00November 4th, 2021|Annuities, Financial Planning, Taxes|

Tax Loss Harvesting

What is tax-loss harvesting and will it work for you? “For many investors, tax-loss harvesting is one of the most useful tools for reducing capital gains taxes.” When securities and certain other assets such as real estate, are sold at a loss to offset a capital gains tax liability, the process is known as “tax-loss [...]

By |2021-10-27T06:31:18+00:00October 26th, 2021|Taxes|

Your Guide To Choosing A Tax Professional

Taxes are complicated, and full of regulations and ever changing laws. Depending on your situation, your tax return may be simple, or involve a series of very detailed steps. If you don’t know what you’re doing, tackling a complicated tax return by yourself can potentially create problems, i.e. audits, and trusting a local tax preparation service isn’t always a foolproof option either. A trusted tax professional, someone whom you’ve selected and whom you feel comfortable working with, is a valuable asset

By |2021-10-26T07:54:10+00:00October 13th, 2021|Financial Planning, Taxes|

Beware Tax Scams

Tax Scams: IRS Dirty Dozen It is tax time, and with it will come many offers to lower your taxes and, in some situations, avoid them altogether. These helpful hints may be grouped together under one heading: Scams. Tax scams are prevalent throughout the internet; here are a few that are so obvious that following [...]

By |2021-08-31T20:16:45+00:00July 18th, 2021|Taxes|

Does Your 401K Or IRA Need To Be Rescued

Because of the accumulation benefits of tax deferral, many individuals have successfully created substantial IRA or 401K accounts or other qualified plans.   It is not uncommon for these accounts to have amassed seven figures of total dollars. It is also usually the case that little attention has been focused on what will happen to [...]

By |2021-06-30T00:23:04+00:00July 7th, 2021|Taxes|

The Purpose Of Money Dictates Where We Invest

Let me say that all of America knows where to find Safety—CDs, money markets, and treasury bonds. All of America knows where to find an opportunity—the stock market. However, many do not know where to find safety, an opportunity for growth, liquidity, and income on the same dollar, at the same time, with no risk [...]