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Tax Tips

What happens to your tax liability with proper financial planning?

What happens to your tax liability with proper financial planning?

Do you like paying more in taxes than you have to? Not many people do. Most people have what is called a tax liability, which is “the total amount of tax debt owed by an individual, corporation, or other entity to a taxing authority such as the Internal Revenue...

Six things to know about filing your 2020 income tax

Six things to know about filing your 2020 income tax

The COVID-19 pandemic changed life in many ways in 2020 and 2021, including finances and the economy. Tax laws change all the time, but in 2020, there were changes that can impact how you file for taxes this tax season. Take a look below at some of the changes you...

Will there be a new wealth tax under Biden?

Will there be a new wealth tax under Biden?

An article by the Wall Street Journal from March 14 reports that Treasury Secretary Janet Yellen said “the Biden administration hasn’t decided whether to pursue a wealth tax, but will likely issue proposals to address the swelling federal budget deficit.” Levying a...

Tax efficiency tips for your retirement

Tax efficiency tips for your retirement

One of the major benefits of saving for your retirement through a qualified retirement savings account is that your money can grow tax-free. However, sooner or later, you will be responsible for paying taxes on your wealth, such as paying taxes on a withdrawal from...