whiteboard with Tax planning text layout with a calculator. Passbook tax form and coins on wooden table for planning Money Financial Accounting Concept

2020 Vision: Individual tax planning strategies for the upcoming year

Tax planning isn’t a concern exclusive to businesses, although individual taxpayers often mistakenly believe that to be the case. While it is true that tax planning for individuals is less complicated than it is for businesses, it is no less important. Even W-2 employees can take steps to reduce risk, minimize the chance of getting an unexpected tax bill and ensure retirement savings deliver the maximum benefit from a tax perspective.

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Paper with words RMD required minimum distributions

Use it or lose it: Understanding required minimum distributions

For anyone with retirement savings, understanding what RMD means is a financial imperative. The acronym stands for ‘required minimum distribution’ and describes money that taxpayers must by law withdraw annually from tax-advantaged retirement accounts. You probably knew that already, but don’t risk complacence; if you have an IRA, 401(k), profit sharing plan or another type of retirement account, you need to know exactly how RMD guidelines apply in your situation.

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What’s this Virginia Tax Relief Refund all about?

If you live in Virginia, chances are you’ve heard about the 2019 Virginia Tax Relief Refund. If you’re not aware of it yet, you’ve come to the right place. On February 15, 2019, Virginia Governor Ralph Northam signed tax legislation that allocates $420 million in refunds to compensate taxpayers for higher state taxes that resulted from the federal Tax Cuts and Jobs Act (TCJA) of 2017. These refunds were scheduled for October, and many Virginia residents have already begun receiving them in the mail. So who gets these refunds? How much will you receive? Read below for everything you need to know.

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Woman putting golden coin in pink piggy bank for step up growing business to profit and saving with piggy bank, Saving money for future plan and retirement fund concept.

Tune up your retirement savings strategy during open enrollment season

As the weather turns cooler and leaves begin to fall, workers often have a few weeks to revisit their choices in employee benefit plans. The annual open enrollment period typically occurs in October or November and raises important questions regarding next year’s benefits, including decisions about retirement contributions.

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If your 2018 tax bill made you feel sick, it could be time for a Paycheck Checkup

Filing season for the 2018 tax year brought unwelcome surprises for many taxpayers. Following a major tax code overhaul at the end of 2017, it was reasonable for estimates of the year’s tax liability to be less accurate than normal. But while the IRS made allowance for some of this predictable deviation, the agency won’t maintain such a tolerant stance for long. To avoid unexpected tax bills or penalties for underpayment in subsequent years, workers should check current withholding rates and if necessary, file an updated Form W-4 with their employer.

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Invest in Your Children’s Education–Contribute to a 529 Plan!

Contribute to 529 plans–it’s never too early or too late to start putting money away for a child’s college education. The education days will be here sooner than you think and likely more expensive than you were planning on! 529 contributions are not limited to parents; this is for grandparents, aunts, uncles or anyone with interest in helping provide the means necessary for a child’s higher education.

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You’ve Received an IRS Audit Notice: Now What?

Congratulations, you have been selected for an audit! Those words are as likely as any to cause terror in the unlucky individual who reads them. The IRS may not phrase an invitation to participate in an audit exactly that way, but the gist is unmistakable: You are about to undergo an official examination of your tax return for at least one filing year. What should you do?

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Woman lying on top of tax papers, stressed

A Primer on Federal Estimated Quarterly Taxes for Individual Taxpayers

Americans often refer to April 15 as Tax Day, but for a large number of taxpayers “Tax Day” actually comes more than once a year. Some individuals must file and pay estimated quarterly taxes four times over the course of a year in order to comply with their tax responsibilities.

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