As 2023 draws to a close, clients who own taxable investment accounts should be looking at the possibility of selling off shares of their positions in order to take advantage of the tax loss that it will generate. This will reduce your taxable income (and, by extension, the taxes you will pay) on your account. Tax Loss Harvesting involves selling …
2021 Tax Brackets & Retirement Contribution Limits
Stay up-to-date with the key 2021 figures recently released by the IRS. IRS Figures for 2021 – What’s New?As we approach the end of 2020, it is a good idea to start looking ahead to 2021 and how we will manage our finances in the coming year. Most investors will make contributions or take withdrawals from our accounts in 2021. …
The CARES ACT – What it Means for You
The ongoing coronavirus pandemic has had a series of adverse side effects that have sent shockwaves through the world economy. To attempt to mitigate the economic fallout from the crisis, Congress passed the Coronavirus Aid, Relief, and Economic Security or CARES Act on March 26th. The CARES Act includes several provisions aimed at helping different subsections of Americans. Let’s take a few …
Qualified Charitable Distribution Tax Benefits
Qualified Charitable Distribution tax benefits exist for you if you answer ‘Yes’ to any of the following questions: Are you over 70.5 and taking a Required Minimum Distribution from your IRA? Are you concerned about the impact of your Required Minimum Distribution on taxes when you reach 70.5? Do you make annual contributions to your favorite charities? A Qualified …
Maxit Tips
This article contains information for Snider Investment Method Alumni. If you have not read our previous article containing an overview of the Maxit Tax Manager, please use this link to do so. Welcome Back! Today, we will provide you with a step-by-step list of instructions on how to download your composite IRS Form 1099 from the Ally Invest website and …
What is Maxit?
(This article contains information for Snider Investment Method Alumni.) In the coming weeks and months, all of us will be undertaking the annual ritual of filing our tax returns. Filling out the appropriate IRS form is difficult enough when all we are addressing is our income from our chosen profession; needless to say, things get even more complicated when we factor …
Questions and Answers about Required Minimum Distributions (RMD)
The Internal Revenue Service (IRS) requires that all people who have some form of retirement savings (except for Roth retirement accounts) take an annual Required Minimum Distribution (RMD) starting in the year that you reach age 70 ½. The RMD is just that: a Required Minimum Distribution, not the maximum distribution. The IRS believes that at that age and beyond …
Investment Tax Basics
Americans have been paying taxes on their earnings for almost 100 years. During that period of time, tax laws have continually changed and have certainly increased in their level of complexity. Although no one enjoys paying taxes, at Snider Advisors, we like to remind our clients that taxes are an inevitable part of making money – and you should never let the tax tail wag the investment dog.
How Are You Spending Your Tax Refund?
With tax season behind most of us refund checks are starting to roll in. According to statistics from the IRS this year’s average federal tax refund will be around $2,913. When met with a windfall of funds sometimes our mind can play tricks on us. People tend to view buckets of money differently based on how the funds were earned. Behavioral finance refers to this term as mental accounting.
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