Tax Strategy

Every year, taxpayers leave money on the table. They don’t mean to, but as a result of oversight, they miss some great chances for federal income tax deductions. While the IRS has occasionally fixed taxpayer mistakes in the past for taxpayer benefit (as was the case when some filers ignored the Making Work Pay Credit),…

Should your refund be saved? According to a TD Ameritrade poll, 47% of U.S. taxpayers expect a refund this year. What do they plan to do with the money? The answers may surprise you. While 15% of the survey respondents indicated they would spend their refunds on discretionary purchases, 47% said they would save the…

Give & receive a tax break. Schools, hospitals and other non-profit organizations are welcoming the return of the charitable IRA rollover – an opportunity that lets a traditional IRA owner aged 70½ or older donate up to $100,000 to charity with a tax perk attached. This donation can accomplish two very significant things: the IRA…

Several tax hikes, some tax breaks. Now that the fiscal cliff deal assembled in Congress is becoming law, it is time to look at some of the tax law changes that will result. Here are the major details in the bill, which will bring significant tax hikes to some households in an effort to increase…

Decisions must be made. In the next couple of months, Congress will address several major tax matters. Here are the big tax questions looming. The Bush-era income tax cuts. Will the current 10%-15%-25%-28%-33%-35% federal tax rate structure give way to 15%-28%-31%-36%-39.6% tax brackets in 2013? After the election, some analysts feel a compromise will be…