tax planning

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Simple & Actionable Year-End Tax Tips

By |2017-10-26T19:54:26+00:00October 18th, 2017|Categories: Personal Planning|Tags: , , , , |

At Mackey Advisors we are all about taking simple steps to maximize your financial well-being.  Each year some of the most beneficial steps often go unnoticed.  While filing taxes each Spring is important, planning for taxes each Fall is often MORE financially rewarding.  It’s not every day I come across a worthwhile article, however Kiplinger has [...]

Matt’s Monthly Money Must Do’s | September 2017

By |2017-08-18T16:41:17+00:00August 18th, 2017|Categories: Personal Planning|Tags: , , , , , , |

The Romans were lazy.  That’s right, I said it: “Lazy”.  The typical response would be that, along with building an empire, Romans built highways, aqueducts, coliseums, etc.  Many of those basic designs are used today, as is the Julian Calendar, another brilliant innovation under the Roman empire.  How could they have been lazy?  Well, the Julian [...]

IRS Announces New Waiver Procedure for Taxpayers Who Inadvertently Miss the 60-Day Rollover Deadline

By |2017-05-09T22:13:59+00:00September 29th, 2016|Categories: Personal Planning, Uncategorized|Tags: , , , , |

Background--direct and indirect (60-day) rollovers If you're eligible to receive a taxable distribution from an employer-sponsored retirement plan (like a 401(k)) you can avoid current taxation by directly rolling the distribution over to another employer plan or IRA (with a direct rollover you never actually receive the funds). You can also avoid current taxation by actually [...]

Tax Time Starts Now!

By |2017-05-09T22:13:59+00:00September 28th, 2016|Categories: Business Wise, Personal Planning, Uncategorized|Tags: , , , , |

Fall is the time to think of the leaves changing, the weather turning cooler, and…taxes.  While the 2016 individual tax deadline is not until April 15th, there are things that you should consider now that are just as important than that dreaded deadline.  Individuals file their taxes on a cash basis, which means that most things [...]

An Often Overlooked, but Important Process… Year-End Tax Planning

By |2017-05-09T22:13:31+00:00June 16th, 2015|Categories: Personal Planning, Uncategorized|Tags: , , , , , |

As the year begins to unfold we gain a clearer idea of how things will be shaping up relative to annual income and expenses. From year to year things can change, and it is important to know and understand how these changes can affect your income tax outcome. Year-end tax planning is a way to be [...]

New Legislation Extends Popular Tax Provisions

By |2014-12-22T12:56:40+00:00December 22nd, 2014|Categories: Personal Planning, Uncategorized|Tags: , |

In one of its final actions, the 113th Congress passed the Tax Increase Prevention Act of 2014. This legislation extends for one year a host of popular tax provisions (commonly referred to as "tax extenders") that had expired at the end of 2013. The President is expected to sign the legislation. All of the following provisions [...]

2013 Year-End Tax Planning Basics

By |2013-11-26T16:28:47+00:00November 26th, 2013|Categories: Personal Planning, Uncategorized|Tags: , , , , |

You don't want to pay any more in tax than you have to. That means taking advantage of every strategy, deduction, and credit that you're entitled to. However, 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 [...]

IRS and Treasury Department Provide Guidance on Same-Sex Marriage

By |2013-09-05T17:14:57+00:00September 5th, 2013|Categories: Personal Planning, Uncategorized|Tags: , , , , , , |

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced that same-sex couples who are legally married in jurisdictions that recognize same-sex marriage will be treated as married for all federal tax purposes. Guidance has been provided in the form of a Revenue Ruling (Rev. Rul. 2013-17) and associated Frequently Asked Questions. [...]