Archive for the
‘Tax’ Category

April 1, 2021

Bob Veres

News, Tax, Taxation

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You might wonder what you get in return for your tax dollars. The question isn’t so far-fetched; after all, the government collects those taxes—theoretically, at least—in order to give you back a comparable value in services like police protection, education, infrastructure and a social safety net.  Are we getting what we pay for? A recent [...]

February 15, 2021

Bob Veres

Retirement, Tax

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The changes in Social Security benefits and taxes for 2021 were a bit controversial. Benefits will rise 1.3% this year, which is not expected to allow beneficiaries to keep up with increases in the cost of living. Meanwhile, the tax withholdings have risen faster than inflation; for 2021, workers will pay a 6.2% Social Security [...]

January 17, 2021

Bob Veres

News, Tax

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The incoming Biden Administration has made some proposals that would affect our taxes, prominently including a complete rollback of the 2017 tax cut for taxpayers with income above $400,000. The plan would also tax capital gains at the same rates as ordinary income for people with more than $1 million in income. The corporate tax [...]

December 31, 2020

Bob Veres

Education, Insurance, Money, Tax

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The U.S. Congress recently passed, and the President signed, the 5,593 page Consolidated Appropriations Act of 2021—and experts are still mulling over what the impact will be on ordinary citizens. There are stimulus checks, tax planning relief provisions and a break for people who experience high medical expenses during the pandemic. There’s even a new [...]

Sometimes the popularity of a particular investment is driven by unexpected forces.   One example, is the so-called SALT (state and local tax) limitation that was imposed in the recent tax legislation, which basically says that you can only deduct $10,000 on your federal tax return for state taxes, including state income and local property […]

November 15, 2018

Bob Veres

Lifestyle, Money, News, Tax, Taxation

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      Tax Opportunities Before Year-End Every year, U.S. taxpayers face a number of year-end deadlines which, if ignored, can be costly and even punitive. In the latter category, consider people over age 70 1/2 who forget to take the full required minimum distribution from their IRA or 401(k). If they get the calculation wrong, or […]

September 19, 2018

Bob Veres

Tax, Taxation

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Withholding Tempest in a Teapot Chances are, you’ve read an article recently telling you to be careful about the withholding in your paycheck, to make sure your employer (assuming you have one) is taking out enough money so that you won’t have a big tax obligation come April.  This is the result of a big […]

August 27, 2018

Bob Veres

Tax, Taxation

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No End Run By now, you probably know all about the so-called SALT (state and local tax) deduction limitations imposed by the Tax Cuts and Jobs Act.  If your property, local and state taxes exceed $10,000 (couples) or $5,000 (singles), well, too bad.  That’s all you can deduct on your federal tax returns. Some of […]

June 18, 2018

Bob Veres

Tax, Taxation

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States vs. SALT Each year, thousands of professionals use their creativity and ingenuity to try to figure out the best ways to lower your federal taxes.  You know you’re living in interesting times when state lawmakers join that crowd. The reason they’re working so hard is something popularly known as the SALT provisions of the […]