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Should I retain my mortgage to claim the mortgage-interest deduction?

2023-05-11T15:11:00-04:00March 11th, 2022|Blog, Financial Planning, Taxes|

Should I retain my mortgage to claim the mortgage-interest deduction? By: Stacey Nickens Every tax season, I hear many versions of the above question. Clients ask if they should spend more through their business or take on a larger mortgage in order to save on taxes. While you should consider the tax implications of [...]

Standard Deduction and Income Thresholds Increasing in 2022

2023-05-11T15:19:27-04:00November 12th, 2021|Blog, Taxes|

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 [...]

4 Above-the-Line Deductions for Taxpayers Who Don’t Itemize

2023-05-11T15:35:01-04:00March 8th, 2021|Blog, Taxes|

4 Above-the-Line Deductions for Taxpayers Who Don't Itemize By: Stacey Nickens The 2017 tax reform legislation increased the standard deduction, such that few taxpayers itemize their deductions. In 2020, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Few taxpayers will accumulate enough individual deductions to exceed the standard deduction [...]