Tax Tips & Strategies

Image of Taxes Under a Magnifying Glass

None other than Benjamin Franklin once said “Certainty? In this world nothing is certain but death and taxes.”

I’m not sure about you, but I’ve always felt an obligation to pay all that’s legally due but not a penny more.

If you’re looking for tax tips and strategies, then you’re in the right place.

Topics of interest include income tax brackets, tax deductions and credits, sales and use taxes, property taxes, the estate tax, capital gains taxes, tax prep, IRS news and policies, and more. If it’s tax-related, this is where you’ll find it.

A few years ago, when the stock market was down in the dumps and investors were taking a beating, tax loss harvesting was all the rage. In short, people were locking in paper losses with the intention of using them to offset their gains. And, in many cases, people (like […]

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Are you planning on using TurboTax to do your taxes this year? If so, this might be of interest… Anyone who uses TurboTax to file their taxes can get up to 10% extra on their tax refund by electing to receive some (or all) of it in the form of […]

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What are Your Favorite Charities?

by Michael on Dec 27, 2013

Are you planning on making charitable contributions before the end of the year? If so, time is running short. In fact, as of this writing, you have just four short days to make tax deductible contributions for 2013. Better hurry! I’m not sure about you, but I tend to leave […]

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A former employee recently asked me about mortgage gift letters. She had just accepted a new job and would thus be buying a new house in a different area. “My father-in-law is giving us some money to help with the down payment. Our realtor mentioned that the bank will probably […]

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As was the case last year, this is mainly a note to myself. That being said, this might be of use to some of you, so I thought I’d publish it here. I’ve been busy updating my calendar for 2014 and, as part of that process, decided to update my […]

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Back in the day, before we started using a tax pro (actually, our business attorney) to prepare our tax returns, I was a regular TurboTax user. Those that have used TurboTax in the past know that they’ve subdivided their product platform into different versions, each with different capabilities — and, […]

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The 2014 Social Security Wage Base

by Michael on Dec 5, 2013

As we near the end of the year, I thought it would be worth looking ahead to next year’s Social Security wage base. As I’ve noted in the past, FICA-OASDI taxes are calculated as 6.2% of your gross compensation up to the Social Security contribution and benefit base (a.k.a. the […]

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2013/2014 FSA Contribution Limits

by Michael on Nov 18, 2013

In writing about limited-purpose FSAs, I realized that I’ve never documented the annual contribution limits associated with regular (healthcare) flexible spending accounts. So here’s that info, with dependent-care limits included as a bonus. Prior to 2013, there was no federally mandated limit on FSA contributions. Rather, the limits determined by […]

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