» Taxable Income

SIMPLE IRAs vs. SEP IRAs: What is the Difference?

The primary difference between a SIMPLE IRA and a SEP-IRA are who is allowed to fund the retirement accounts and the contribution limits. Both a SIMPLE IRA and a SEP-IRA are tax-deferred individual retirement accounts offered primarily by small busin… Read More

Qualified Charitable Distributions - What they are and how they provide valuable tax savings. [a detailed review]

A qualified charitable distributions are donations to an eligible charity taken directly from your traditional IRA. Depending on the amount you give to qualified charitable organizations annually, the tax savings of having the payments made directly… Read More

Understanding Your Health Savings Account (HSA) [Breakdown]

If you qualify for a Health Savings Account (HSA), it provides a great method with some careful planning to both pay health insurance companies less and save for retirement, while reducing your tax liability. Setting aside money in an HSA allows you… Read More

Exemptions to the Tax Penalty on Early Distributions from Retirement Accounts

The majority of distributions from retirement accounts are subject to state and federal income taxes. In addition, if you take a distribution before reaching age 59½, a 10% early withdrawal penalty will apply unless you qualify for an exemption. The… Read More

What’s Better to Take a Loan or Distribution from Retirement Income?

Deciding what’s better to take a loan or distribution from retirement income is no easy task. An essential piece of advice always to remember is your retirement income should be saved and used for, you guessed it, retirement! However, as people get… Read More

Is Your Retirement Income Taxable?

It is important to plan for retirement. Many people save additional funds outside of their pension or Social Security for retirement — often using 401(k)s, Traditional IRAs, or Roth IRAs. However, most people forget to calculate for taxes that… Read More

Are My Social Security Benefits Taxable?

Around this time of year, many people find themselves asking if their Social Security benefits are taxable? For most Americans, Social Security benefits, including Social Security Disability Income and Social Security Supplemental Income (SSI), are n… Read More

Estimated Tax Payments: Do You Owe Quarterly Payments to the IRS or Ohio Department of Taxation?

If you are self-employed, a business owner, or earn other types of income not subject to withholding, you need to complete an estimated tax return and make quarterly payments to the United States Treasury (IRS) and Ohio Department of Taxation. Someti… Read More

Retirees: Avoid an Unexpected Tax Bill on Your Retirement Income

Many retirees are surprised to learn that part of their Social Security benefits may be taxable. After paying Social Security taxes for a decade or longer, most people do not realize that they may owe state and federal income taxes on their Social Se… Read More

Benefits of Tax Planning

Tax planning is essential to lowering your tax bill. Meeting with a tax professional and reviewing your tax status before the end of the year allows you to develop tax strategies to take advantage of tax saving measures, before it’s too late. Altho… Read More

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