As we stand waist-deep in tax season, most Americans are scouring the earth looking for legal ways to reduce their tax bill or increase their refunds before they file their taxes. It seems like this scouring has become more voracious as time goes on and is probably correlated to the overwhelmingly negative U.S. Congressional Job Approval highlighted below. This mindset most likely explains why...
BFSG Blog
Financial Resources & News
Business Owner Year-End Tax Planning
By: Michael Allbee, CFP®, Senior Portfolio Manager There are many tax strategies available for business owners, but it requires proper planning throughout the year. Here are some things to consider as we approach the year-end to minimize your tax liability. Take advantage of the expiring “Tax Cuts and Jobs Act” (TCJA) bonus depreciation In 2017, the TCJA made it so business owners could...
Don’t Forget to Doublecheck your RMD(s)
We get it. With so much going on, it can be easy to forget taking your required minimum distribution (RMD). Failing to take the full amount of an RMD could result in a penalty tax of 50% of the difference. When do I need to take them? How much do I need to take? Can I avoid the ordinary income from the RMD? This 3-minute BFSG short with Paul Horn, CFP® gives a high-level overview of the most...
Required Minimum Distribution Roundup
As we approach the end of 2021, now is a good time to take a closer look to make sure you have satisfied your required minimum distributions (RMDs). Generally, RMDs must be taken by December 31 each year (Exception: RMDs are not required from an employer plan if you are still working at the company sponsoring the plan and you do not own more than 5% of the company). Failing to take the full...
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