Will the Infrastructure Bill Impact Taxes?

Posted by Creekmur Staff on 9:00 AM on June 8, 2021
Are you tired of hearing about taxes? You're not alone! Over the past year with all of the new government spending, talk of increasing taxes has been consistently present in the news-stream.

But regardless of how we feel about taxes, there are a lot of new and changing developments in this national conversation. So, let's dive in.

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Topics: taxes

RMD's are Back!

Posted by Creekmur Staff on 9:00 AM on June 1, 2021

Required Minimum Distributions are on for 2021, but some of the rules have changed. Here's what you need to know now.


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Topics: Taxes and retirees, taxes

Tax 101: Is it Too Late to Contribute to my IRA or Roth IRA?

Posted by Creekmur Wealth Advisors on 9:00 AM on February 25, 2021

 

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Topics: IRA, Roth IRA, taxes

Why is Tax Planning Important?

Posted by Andy Anderson, CFP® on 9:00 AM on February 18, 2021

Financial planning is a huge part of what we do here at Creekmur Wealth Advisors, so it's no surprise that tax planning is one area we spend a lot of time working in. When I talk about tax planning I am not talking about filling out and submitting your tax return every April 15th. Filing your taxes is necessary, but it's reactive or backward-looking. Tax planning, on the other hand, is a forward-looking, comprehensive approach to reducing lifetime taxes and increasing overall after-tax wealth.

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Topics: Financial Planning, Taxes in Retirment, taxes

Tax 101 - How to Prepare for Tax Season

Posted by Creekmur Staff on 9:00 AM on February 8, 2021

Ready or not - here it comes! Tax filing can be confusing and stressful. Here's a few things you can do to make this process a little smoother.   

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Topics: Tax withholding, taxes, Tax Forms

Tax 101: Basics of Form 1099

Posted by Creekmur Staff on 4:00 PM on February 1, 2021

As tax time rolls around each year we all start getting the necessary documents for proper filing of our taxes. You're not alone if you find all of these important forms a little confusing! Besides the W-2 which is used to report wages, form 1099 is widely used for a variety of purposes. Here are the basics you need to know about this multi-functional form.

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Topics: taxes, Form 1099, Tax Forms

That First RMD from Your IRA

Posted by Creekmur Staff on 12:30 PM on October 22, 2019

What you need to know.

When you reach age 70½, the Internal Revenue Service instructs you to start making withdrawals from your traditional IRA(s).These withdrawals are also called Required Minimum Distributions (RMDs). You will make them, annually, from now on.1

If you fail to take your annual RMD or take out less than the required amount, the I.R.S. will notice. You will not only owe income taxes on the amount not withdrawn, you will owe 50% more. (The 50% penalty can be waived if you can show the I.R.S. that the shortfall resulted from a “reasonable error” instead of negligence.)1

Many IRA owners have questions about the rules related to their initial RMDs, so let’s answer a few.

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Topics: Wealth Management, Roth IRA, Taxes and retirees, taxes

Tax Considerations for Retirees

Posted by Creekmur Wealth Advisors on 8:00 AM on November 27, 2018

 

Are you aware of them?

The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.

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Topics: charitable IRA gift, Credit for Elderly or Disabled, Retirement, taxes

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