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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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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Beyond Bitcoin: Libra Rising
The digital currency craze has pushed past bitcoin recently, and now it’s reached the big-time with Facebook’s announcement of Libra. The social media giant plans to launch its own version of crypto-cash next year with the goal of simplifying payments across borders and currencies.
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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.
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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Why You Need an Estate Plan
One of the most common financial myths is that estate planning is only relevant for individuals and families with high net worth. In reality, nothing could be farther from the truth. Everyone needs an estate plan, even if the estate is a modest one.
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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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Is a Family Office Right for You?
While the idea of a family office has been around for quite some time, you might assume it’s a service more appropriate for the Bezos and Buffet families than yours. That was true in earlier years, but more and more families are discovering that a family office can prove useful for households that are merely well-off rather than truly wealthy.
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Budgeting and Cash Management: What You Need to Know
Most of us grew up receiving long lectures from our parents about the importance of budgeting and saving money. But how many of us were actually taught to prepare and properly adjust a budget to our financial needs?