Written by Charles Renwick. Published by Quicken on September 20, 2022. https://www.quicken.com/blog/how-to-maximize-your-tax-refund Another year-end is approaching and it’s time to start thinking about taxes. “But I get a W-2. There’s nothing I can do for tax planning!” I hear this a lot. It is true, the options available to W-2 employees are more limited than […]
Individual Tax Advice
IRA account value down? It might be a good time for a Roth conversion
IRA account value down? It might be a good time for a Roth conversion The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your […]
Watch out for tax-related scams
Watch out for tax-related scams “Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months. Fake property liens. A tax […]
Use a Coverdell ESA to help pay college, elementary and secondary school costs
Use a Coverdell ESA to help pay college, elementary and secondary school costs There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions grow tax-free. […]
Selling securities by year end? Avoid the wash sale rule
Selling securities by year end? Avoid the wash sale rule If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss […]
IRA charitable donations are an alternative to taxable required distributions
IRA charitable donations are an alternative to taxable required distributions Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to […]
