9"Above-the-Line" Deductions for Your 2021 Return By: Stacey Nickens Taxpayers often ask me about deducting mortgage interest payments or medical expenses. However, many taxpayers do not claim these popular deductions because it is more beneficial for them to take the standard deduction. On 2021 returns, the standard deduction is $12,550 for single filers and [...]
Tax Tip: Save Important Child Tax Credit and Stimulus Letters By: Stacey Nickens In 2021, many eligible taxpayers received advanced payments of their child tax credit as well as stimulus payments. The IRS has accordingly begun sending out letters to those taxpayers in order to help them document the size of their payments. You [...]
Your Guide to the Medicare Surtax By: Stacey Nickens Upper-income taxpayers should be aware of an additional tax that could increase their bill come April 15. Certain taxpayers are subject to a 3.8% "Medicare" surtax on their net investment income. Single filers with modified adjusted gross incomes (AGIs) above $200,000 and joint filers with [...]
Rebalancing Your Portfolio Without Triggering a Tax Bill By: Stacey Nickens Many investors have seen strong gains in their stock portfolio during 2021. As of close on November 26, the S&P 500 was up 22.3%. An investor who desires certain percentage of their funds to be in stocks may accordingly find that their stock [...]
Take Advantage of These Tax Breaks Before They Disappear By: Stacey Nickens Year-end tax and financial planning is always important. However, the third stimulus payments and changes to the 2021 child tax credit make year-end tax planning especially important this year. Tax payers should be aware of the income thresholds for certain tax benefits. [...]
Standard Deduction and Income Thresholds Increasing in 2022 By: Stacey Nickens This past week, the IRS announced the 2022 tax brackets. With inflation on the rise, the IRS has raised the income thresholds for each tax bracket as well as the size of the standard deduction. Both tax brackets and the standard deduction will [...]
3 Ways to Minimize Your Tax Bill in Retirement By: Stacey Nickens You've worked hard your whole life to build up your retirement nest egg. You save for healthcare expenses, housing renovation needs, and even a travel budget. However, as you are settling into a slower retirement lifestyle, you realize that you're paying a [...]
Summer can be a delightful and exploratory time for children. I know I have fond memories of taking my children to swim lessons, art camps, and Vacation Bible School. However, keeping your child entertained during the summer can also prove expensive. With that in mind, it may be comforting to know that summer day [...]
Unenrolling from Monthly Child Tax Credit Payments By: Stacey Nickens In July, the IRS began sending out advanced payments of the 2021 Child Tax Credit. You may be interested in opting out of these advanced payments for a number of reasons. Because these are advanced payments of a credit, every dollar you receive this [...]
Opting Out of Monthly Child Tax Credit Payments By: Stacey Nickens On July 15, the IRS will begin sending out monthly child tax credit payments to eligible parents. However, what should you do if you would rather receive your child tax credit payment in a lump sum payment? You will be able to opt [...]
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