02 Mar

Damian Sylvia Posted in Life Insurance No comments

Annual Tax Guide – A Guide to 2022 Tax Law Changes (Part 3)

In this 3-part tax guide, we will explore where your tax dollars go, some of the ways tax filing may look different in 2022, and what you can do to prepare. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.

If you missed part 1 (here) or part 2 (here) of this series, check those out first. Part 3 is below.

Preparing (Well-In-Advance) for the Tax Season

Planning well in advance of the tax season may help better prepare you for the unexpected. Here are several reasons to begin planning early:

Your home, job, or relationships changed in 2021
You need to start saving money if you may owe taxes
You want to ensure you qualify for tax deductions

You can make changes throughout the year to ensure that your tax preparations go smoothly.

In particular, you can make periodic assessments of your paycheck withholdings so that you will get a refund or can reduce or eliminate your tax burden.

15 Feb

Damian Sylvia Posted in General No comments

Annual Tax Guide – A Guide to 2022 Tax Law Changes (Part 2)

In this 3-part guide, we will explore where your tax dollars go, some of the ways tax filing may look different in 2022, and what you can do to prepare. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.

Get a checkup: As a starter, the I.R.S. urges taxpayers to conduct paycheck checkups.

The agency provides tools and resources to help you calculate the correct amount to have withdrawn
from your paycheck.

The calculator may help you determine if your employer is withholding adequate amounts from
your paycheck.

The calculator asks for your projected gross income, your current withholding number, the current amount of federal taxes withheld, and other paycheck-related questions.

The calculator leads you through various screens that require you to enter the requested numbers into boxes. The calculator looks similar to a tax-filing form.

The final figure: Once the calculator generates the estimated taxes you can expect to owe or be refunded, it offers suggestions on how to change your withholding amount or request that additional money be withheld from your check.

If the calculator shows you are projected to owe taxes at the end of the year, you may file a new Form W-4, Employee’s Withholding Allowance Certificate, following the guidance provided by the calculator. The IRS-provided calculator is designed to provide feedback based on certain assumptions. It is not intended to provide specific tax, legal, or accounting advice. The calculator is not a replacement for real-life advice,
so please make sure to consult a professional before modifying your tax strategy.⁵

Suggestions may include changing the number of allowances you are claiming or requesting that your employer withhold additional money.

Taxpayers who receive pension income may use Form W-4P.Once completed, send the form to your payer if you are making changes.⁶

09 Feb

Damian Sylvia Posted in General No comments

Annual Tax Guide – A Guide to 2022 Tax Law Changes (Part 1)

Understand Where Your Federal Tax Dollars Go

In this 3-part guide, we will explore where your tax dollars go, some of the ways tax filing may look different in 2022, and what you can do to prepare. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.

Before we dive into the upcoming tax brackets and what you can do to prepare for 2022, it can be helpful to understand precisely where the government allocates your federal tax dollars.

In 2021, the federal government spent $6.82 trillion, which equals 30% of the nation’s gross domestic product. Further examination reveals that three significant areas of spending make up the majority of the budget.¹

20 Oct

Damian Sylvia Posted in General No comments

Proposed Tax Changes in Congress

Investors are watching the Build Back Better Act. This $3.5 trillion bill, refined through months-long negotiations, may be approaching a final vote in the House of Representatives. If the BBA becomes law, it would finance large-scale infrastructure projects, authorize a major expansion of parts of the country’s social safety net, and fund college education, grant, and entrepreneurial programs over the next ten years.^1,2

This information is designed to provide general information on the subjects covered. It is not intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Remember that tax laws and tax rates are constantly changing.

11 May

Damian Sylvia Posted in Wealth No comments

The Cost of Procrastination

Some of us share a common experience. You’re driving along when a police cruiser pulls up behind you with its lights flashing. You pull over, the officer gets out, and your heart drops. “Are you aware the registration on your car has expired?” You’d been meaning to take care of it for some […]

27 Mar

Damian Sylvia Posted in Wealth No comments

Less SALT for Taxpayers to Subtract

Have you routinely itemized your federal tax deductions? In 2018, you may decide to take the standard deduction instead. One possible reason: the new limit on state and local tax deductions set by the federal government. The SALT deduction is now capped at $10,000. The standard deduction is now $12,000 ($24,000 for a married […]

23 Jan

Damian Sylvia Posted in Life Insurance No comments

Year-End Charitable Gifting

Are you making charitable donations this holiday season? If so, you should know about some of the financial “fine print” involved, as the right moves could potentially bring more of a benefit to the charity and to you. To deduct charitable donations, you must itemize them on I.R.S. Schedule A. So, you need to […]

15 Dec

Damian Sylvia Posted in Wealth No comments

The Republican Tax Reform Plan

Major changes may be ahead for federal tax law. At the start of November, House Republicans rolled out their plan for sweeping tax reforms. Negotiations may greatly alter the content of the bill, but here are the proposed adjustments, and who may and may not benefit from them if they become law. The corporate […]

Retirement Income Solutions

Tag: taxes

Proposed Tax Changes in Congress

The Cost of Procrastination

Less SALT for Taxpayers to Subtract

Year-End Charitable Gifting

The Republican Tax Reform Plan