Are Insurance Proceeds Taxable?

In the aftermath of loss or disaster, taxes are the last thing you want to consider. However, being tax-compliant is necessary. Understanding the tax implications of your insurance proceeds is vital to help you navigate financial matters successfully after unforeseen events. These implications can vary depending on the nature of your claim, insurance type, and local tax[...] Continue reading

What Are the Tax Implications of Retirement?

When you retire, your daily routine will change, as will many parts of your life. However, one thing that remains consistent is the need to pay taxes. To hold onto as much of your retirement savings as possible, you'll have to be strategic. The first step is to know the tax implications of retirement and whether retirement funds are taxable. Taxable Income Streams in[...] Continue reading

Common Questions About 1099s

The IRS is officially accepting 2016 tax returns and our clients are anxious to settle up with good ol’ Uncle Sam. For the past few years, important tax documents regarding taxable withdrawals and realized gain and loss information have been mailed directly to investors from the account custodian (Charles Schwab, Fidelity, TD Ameritrade, U.S. Bancorp, etc.). This year[...] Continue reading

Tip of the Month: Tax Season & Roth IRA Contributions

Every year we have clients that make Roth IRA contributions. Sometimes a client discovers that they were ineligible to make a contribution (this discovery usually happens when they file their tax return) due to an increase in income for that tax year. The contribution and calculated earnings must then be withdrawn before the tax filing deadline in order to avoid a 6%[...] Continue reading

The Secret to Tax Planning: Start Early

When it comes to tax planning two words come to mind, preparation and opportunity. We all know that taxes and tax planning are low on people’s to-do lists, however it’s important that investors prepare as early as possible in order to avoid missing opportunities. And there’s no better time than now. Start by figuring out and understanding your current effective[...] Continue reading