» Taxable Income

How to Determine the Cost Basis of Gifted Stock

December 8th, 2020
Determining the cost basis of gifted stock or other needed information for tax purposes can be confusing. Oftentimes, a well-meaning family member, like grandma, will buy stock for a loved one when they are a small child and give it to them when they… Read More

What is Your Tax Rate and Why Does it Matter?

August 25th, 2020
We have a progressive tax rate in the United States. Basically, this means you are not taxed the same rate on all your income. The tax rate progresses (increases) as your income increases. Although complicated, this makes it a fairer and more just ou… Read More

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

February 24th, 2020
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]

February 5th, 2020
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]

January 3rd, 2020
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

August 9th, 2019
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?

July 12th, 2019
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?

June 20th, 2019
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?

April 2nd, 2019
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?

March 1st, 2019
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
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