A Government Shutdown Isn’t Going to Save You From an IRS Audit
The government shutdown earlier this year doesn’t mean your chances of getting audited are lower. Read this week’s Tax Tip to learn about some common IRS audit red flags.
What records do I need to file my taxes?
Whether you are filing taxes on your own or hiring a tax preparer, you’ll want to make sure you have all of your information organized to make the process of filing your taxes easier. We explain in this Question of the Week.
Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year. We explain in this week’s Tax Tip.
Unforced Errors: The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019
To ensure that you get through tax season without unnecessary costs and aggravation, read this week’s Tax Tip for a list of penalties the IRS most frequently assesses against taxpayers.
Selling Investments and Reporting Cost Basis
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate D.J. Barker, CWS®, to talk about cost basis, and the importance of keeping good records, so you can substantiate your gains or losses at tax time.
In the News: Seniors Who No Longer Itemize May Benefit from Using QCDs
In today’s Marietta Daily Journal, Bil Lako, CFP® explains how a qualified charitable distribution can provide a significant savings over giving to charity after tax, as charitable deductions are “below the line” deductions. Read the Article This article is for demonstrative and academic purposes and is meant to provide valuable background information on particular investments, NOT a…
Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Ever since tax reform was passed, over a year ago, taxpayers have been uncertain whether rental property will be classified as a trade or business for purposes of qualifying for the new IRC Sec 199A 20% pass-through deduction (commonly referred to as the 199A deduction). Finally, on January 18, 2019, the IRS issued a notice…
Seniors Who No Longer Itemize May Benefit From Using Qualified Charitable Distributions
Managing Associate K.C. Smith, CFP®, CEPA, and Associate Michael Griffin, CFP®, join Chief Investment Officer Troy Harmon, CFA, CVA to discuss how some seniors who no longer itemize deductions after tax reform may be able to take advantage of qualified charitable distributions to lower their taxes.
Due Date Approaches for 2018 Federal Income Tax Returns
If you haven’t done so already, you’ll want to start pulling things together— that includes getting your hands on a copy of your 2017 tax return and gathering W-2s, 1099s, and deduction records. You’ll need these records whether you’re preparing your own return or paying someone else to prepare your tax return for you. Don’t…
In the News: Tax Diversification of Retirement Savings
In today’s Marietta Daily Journal, Bil Lako, CFP®, shares his thoughts on the tax diversification of your retirement funds. Should you be saving all to your 401(k)? What if you want to retire early and access your retirement funds sooner? Read the Article This article is for demonstrative and academic purposes and is meant to…