Financial Planning Insights

Annuities are basically insurance policies. Financial organizations that sell annuities typically collect the value of the annuity in a lump sum, invest the money and add the interest to the original amount. That added interest compounds and is not taxed until the annuitant begins taking money from the account.

In 1969 Congress passed a law to stop a few high earners from avoiding paying any income tax. The original intent was good, to take away some of the loopholes that millionaires were using to avoid paying income tax but over the years, without allowing for inflation, the implementation became punitive to not only top earners but households that are..

In December of 2017, President Trump signed a new tax reform bill into law. With this bill came a number of significant tax changes to tax paying citizens. With all these new changes, we understand how you might be feeling overwhelmed.

Filing taxes is nobody’s favorite thing to do. With all the paperwork, forms, and numbers, the results can really upset taxpayers. 

It’s everyone’s favorite time of year - tax return season! Do you know how President Trump’s 2018 tax reform is going to affect you if you are a parent claiming dependents on your taxes? If you have young children or other dependents, there is a good chance you are eligible for the Child Tax Credit. This credit could reduce your federal income tax..

What is the Earned Income Tax Credit?

Are you thinking about filing your own tax return this year? Although it's true you will initially save money by doing them yourself, it may cost you more in the long run than if you had hired a tax professional in the beginning. If your taxes are inaccurate or incomplete, it will take the Internal Revenue Service longer to process your return..

Making your way through paper tax forms is a headache under the best of circumstances. But it also means there is no system in place to make sure you're getting all of the deductions and credits you deserve. While the IRS can make corrections and has systems in place to pick up on likely errors, there is no guarantee that those systems will help..