News & Insights

Is the money you put into a Florida prepaid college savings plan tax deductible?

A prepaid college savings plan is an education savings plan that allows you to save for your child’s college education costs. It’s a type of 529 plan, the name of which comes from section 529 of the Federal Tax Code; 529 savings plans allow an account holder to buy college credits from qualifying public universities […]

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 Service,” according to Investopedia. This is […]

Four ways the 2021 tax code benefits those undertaking philanthropic endeavors

Are you wondering how the 2021 tax code impacts your charitable donations? According to the IRS, “Recent legislation includes several provisions to help individuals and businesses who give to charity.” Through the end of 2021, the new law offers four temporary tax changes. Learn how those changes affect your charitable donations.  Don’t itemize? No problem  […]

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 should know about when filing […]

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 on the super wealthy in the United States could fall under the […]

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 your retirement account once you have reached your eligible retirement […]