by LittleOwlCPA Admin | Jan 6, 2023 | Individual Tax
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe...
by LittleOwlCPA Admin | Dec 23, 2022 | Individual Tax, Tax Planning
There are many ways to give to charity. You can make gifts during your lifetime or at your death. You can make gifts outright or use a trust. You can name a charity as a beneficiary in your will, or designate a charity as a beneficiary of your retirement plan or life...
by LittleOwlCPA Admin | Dec 9, 2022 | Individual Tax, Tax Planning
Among the many provisions in the multi-trillion-dollar legislative package being debated in Congress is a provision that would eliminate a strategy that allows high-income investors to pursue tax-free retirement income: the so-called back-door Roth IRA. The next few...
by LittleOwlCPA Admin | Nov 25, 2022 | Individual Tax, Tax Planning
The window of opportunity for many tax-saving moves closes on December 31, so it’s important to evaluate your tax situation now, while there’s still time to affect your bottom line for the 2022 tax year. Timing is Everything Consider any...
by LittleOwlCPA Admin | Oct 28, 2022 | Individual Tax, Tax Planning
Open enrollment is the window of time when employers introduce changes to their benefit offerings for the upcoming plan year. If you’re employed, this is your once-a-year chance to make important decisions that will affect your health-care choices and your...
by LittleOwlCPA Admin | Sep 30, 2022 | Individual Tax, Tax Planning
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) included new gift, estate, and generation-skipping transfer (GST) tax provisions. The 2010 Tax Act provided that in 2011 and 2012, the gift and estate tax basic...
