Low income year If your 2018 income is lower than usual (temporary unemployment, recent retirement, etc.), consider claiming extra income while you’re in a lower tax bracket. Please contact Griffin Black if you’d like to discuss the following strategies: Qualified Business Income The new tax law introduced a 20% deduction…
College Planning 529 Plans. 529 plans are college savings plans where the earnings grow tax free until they’re used for educational expenses. Please contact Griffin Black soon if you’re interested in setting up a 529 plan. Financial Aid. Your 2018 income will be used to determine your financial aid eligibility…
As we approach 2019, there are a few strategies to take advantage of before the end of the year to reduce your tax bill. Tax-deferred Savings The 2018 limit for elective deferrals to employer retirement plans (401(k), 403(b), etc.) is $18,500. If you’re over age 50 by the end of…
The Tax Cuts and Jobs Act of 2017 introduced significant changes to the personal income tax code for 2018. Some changes reduced the effective tax rate for many people, but certain groups of taxpayers may see their federal taxes increase. Even if your tax rate was reduced, changes to salary…
In yet another new twist on an old scam – this time affecting non-resident aliens and international taxpayers – criminals are using a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. Here’s how the scam works: Criminals mail or fax a letter indicating…
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