Financial Insights

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The tax season is officially here. If you haven't already, now is the time to get prepared. Whether you meet with a tax professional or prepare your taxes yourself, proper planning helps the processes go more smoothly and may reduce the risk of costly errors. Check out the tax tips below and prepare to tackle this tax season with confidence.

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2021 Year-End Tax Checklist

Every year, our firm receives new clients looking for assistance with retirement planning that haven't been getting much more from their previous advisor than a...

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Time-Sensitive Tax Strategy for 401(k) After-Tax accounts

The House of Representatives Ways and Means Committee’s September proposal for tax changes includes many sweeping modifications across the income, capital gains, and estate tax systems in our country. If enacted as proposed, there will be several potential pitfalls to navigate for mid-to high-income households.

For employees of companies that provide a 401(k) plan for retirement savings, there is a particularly time-sensitive potential change regarding after-tax contributions if your plan allows them.

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As we approach “tax-season”, it’s important to understand different types of income and how they are taxed. Classic investments, like stocks, are one of several investments taxed by capital gains. Capital gains taxes can apply to any property that acquires value over time. These taxes are calculated by subtracting the cost of the investment from the final selling price of said investment. This final amount is reported as a capital gain. However, the final amount can be taxed at different rates depending on the investment type and total monetary gain.

Below we’re reviewing how capital gains taxes are determined and what methods you can use to reduce them.

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