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Tax Tips

What’s the connection between asset protection and tax planning?

What’s the connection between asset protection and tax planning?

If you own assets like a home or car, you need to make sure that they are protected appropriately. Asset protection is a major part of your financial plan, especially your estate plan. An estate and trust plan gives you the ability to determine who will receive your...

How to reduce taxable income (for high earners)

How to reduce taxable income (for high earners)

The tax rate increases the more you earn. This can be bad news for high earners, who can find themselves paying as much as 37% on their taxable income (and that is only federal income tax and may only increase in the future).   Luckily, there are some ways that...

Do you pay taxes on capital gains in Florida?

Do you pay taxes on capital gains in Florida?

Capital gain is a concept within economics that describes the profit that is made after a sale of an investment or an asset. Assets that can provide capital gain include properties, cars, stock and even businesses. Some states have required that people pay taxes for...

What new tax bracket changes will take place in 2022?

What new tax bracket changes will take place in 2022?

The arrival of the 2022 tax season will introduce taxpayers to several new changes. While income tax rates are remaining the same, as they have since 2018, the brackets into which each individual or married filing jointly taxpayer falls may not be the same as it was...

What will the child tax credit payment dates be for 2022?

What will the child tax credit payment dates be for 2022?

If you received Letter 6419 in the mail, then you are likely eligible for further child tax credits from the IRS in 2022. Many families received half of the newly expanded child credit payments in the previous year. But the rest of the payments will be going out...