Archive for the
‘Tax’ Category

The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or are considering updating your estate strategy, here are some important things to remember. Keep in mind, this article is for informational purposes only and is not a replacement [...]

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 […]