IRS Letter 6419 (Advance Child Tax Credit Payments)
Advisor Tax Mistake #6 – Your tax knowledge isn’t getting you more clients
This article is the 2nd in a series of the 7 most common mistakes financial advisors make on tax planning with clientsRead More
Advisors’ Guide to Capital Gains Taxes and Tax-Loss Harvesting
Unlike income from working a job or operating a business, which is subject to tax as it is earned, capital gains and losses are unique in that taxpayers can choose when to recognize a taxable transaction.Read More
State Tax Tips for Financial Advisors
When Congress changes federal tax law, it always dominates the headlines, but the IRS' portion of a taxpayer’s income is only part of the story. Every state has their own unique set of tax rules, and it is not enough for financial advisors to be versed in the rules of their home state. Eight states have no individual income tax. For the other states, there are 42 different sets of rules on what type of income is taxed, how it is taxed, at what rate it is taxed and whether where you work or where you live is more important. Then one could wade into local taxes, with nearly 5,000 jurisdictions in 17 states imposing a local income tax, which can treat nonresidents differently than residents.Read More
The information on this site is for education only and should not be considered tax advice. Retirement Tax Services is not affiliated with Shilanski & Associates, Jarvis Financial Services or any other financial services firms.
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