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Tag Archives: Tax Planning

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Commonly Asked Tax Questions

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on March 28, 2023 by Lake Wylie Tax Services StaffMarch 28, 2023

Do you have tax questionsThose dealing with income taxes only once a year when involved with their own personal tax return often have questions related to tax terminology. The following is a compilation of questions frequently asked by individuals:

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Posted in Tax Central | Tagged Tax Planning

Tax Benefits for Grandchildren

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on February 8, 2023 by Lake Wylie Tax Services StaffFebruary 8, 2023

Tax Benefits for GrandchildrenIf you are a grandparent there are several things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand the gift tax rules. You can give anyone, every year, an amount up to the annual gift tax exclusion. The gift tax exclusion is inflation-adjusted and is currently $17,000, which means that, in 2023, you can give any number of recipients up to $17,000. Thus, you can give each grandchild $17,000per year; and, if you are married, both you and your spouse can each give $17,000 for a total of $34,000 per year. Gifts in excess of $17,000 per donee can certainly be made, but doing so will mean the grandparent must file a Gift Tax Return (Form 709) and pay gift tax on taxable gifts in excess of a lifetime gift and estate tax exclusion $12.92 Million for 2023).

Of course, just handing out money to your grandchildren will not teach financial responsibility or meet specific goals you might have in mind for the money. The following are some suggestions.

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Posted in Tax Central | Tagged Tax Planning

Common Family Tax Mistakes

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 27, 2022 by Lake Wylie Tax Services StaffDecember 27, 2022

Common Family Tax MistakesWhen it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each.

These are not the only examples of the tax complications that can occur in family transactions. It is recommended that you contact this office before completing any family financial transaction. It is better to structure a transaction within the parameters of tax law in the first place than suffer unexpected consequences afterwards.

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Posted in Gastonia Tax Preparation, Lake Wylie Tax Preparation, Steele Creek Tax Preparation, Tax Central, York SC Tax Preparation | Tagged Tax Planning

Understanding Tax-Deferred Investing

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 21, 2022 by Lake Wylie Tax Services StaffDecember 21, 2022

Understanding Tax-Deferred InvestmentsWhen you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement finances, you may do so in several ways, including investing in the stock market, buying real estate for income and appreciation, or simply putting money away in education savings accounts or retirement plans. Knowing how these various tax savings vehicles and income deferral opportunities function is important for choosing the ones best suited to your circumstances.

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Posted in Tax Central | Tagged Investment, Retirement, Tax Planning

2022 Tax Deduction Finder & Problem Solver

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 13, 2022 by Lake Wylie Tax Services StaffDecember 14, 2022

Preparing your records for filing 2020 Taxes

To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually to make sure you are compliant with the latest tax law changes.

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Posted in Clover Tax Preparation, Gastonia Tax Preparation, Lake Wylie Tax Preparation, Steele Creek Tax Preparation, York SC Tax Preparation | Tagged Tax Central, Tax Planning

IRS Finds a Cure for the Family Glitch

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 13, 2022 by Lake Wylie Tax Services StaffDecember 13, 2022

Affordable Care Act RevisionsBackground – The Affordable Care Act (ACA) – also referred to as Obamacare) was enacted over 12 years ago, and one of its main features was the creation of government marketplaces (sometimes called exchanges) where Americans could purchase their health insurance if not covered by an affordable employer’s plan. Also included in the ACA was a new tax credit, the Premium Tax Credit (PTC), that could be used to offset some or all of the premiums for policies obtained through the marketplace.

However, that law also contained what some have referred to as “the family glitch” that prevented some families from having access to a health insurance marketplace or taking advantage of the PTC. After more than a decade, the IRS has come up with regulations that will allow, in some cases, these family members to be eligible for the PTC.

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Posted in Tax Central | Tagged Medical, Tax Planning

Tax Benefits for Holiday Family Employment

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 29, 2022 by Lake Wylie Tax Services StaffNovember 29, 2022

Tax Benefits for Holiday Family EmployeeAlong with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on whether he or she is a business partner or an employee.

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Posted in Tax Central | Tagged Employee, Tax Planning

Year-End Gift Giving with Tax Benefits

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 22, 2022 by Lake Wylie Tax Services StaffNovember 22, 2022
Year-end Gift Giving

#GivingTuesday 11/29/2022

The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits.

But be wary; during the holiday season, you may receive phone calls, texts, emails, snail mail, or appeals on social networking sites for donations for various causes. However, some of these appeals may come from fraudsters and not legitimate charities. Unfortunately, this happens every holiday season.

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Posted in Charity, Tax Central | Tagged Charitable Giving, Tax Planning

Year End Tax Planning Issues

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 15, 2022 by Lake Wylie Tax Services StaffNovember 15, 2022

Year-end Tax ReviewYear-end is rapidly approaching as are the holidays. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 and 2023.

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Posted in Clover Tax Preparation, Gastonia Tax Preparation, Income Tax Preparation, Lake Wylie Tax Preparation, Record Keeping Tips, Steele Creek Tax Preparation, Tax Central, York SC Tax Preparation | Tagged Tax Planning

Managing Gains and Losses in a Turbulent Year

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 8, 2022 by Lake Wylie Tax Services StaffNovember 8, 2022

Managing a Turbulent Year in the Stock MarketIt’s been a rough Fall for the stock market. So much so that you should probably carefully review your portfolio and other capital transactions to minimize gain or maximize losses for the year. Remember, capital gains and losses are not just limited to stock transactions. For example, stock losses can offset the gain from the sale of a rental. So you may want to consider other capital transactions you’ve already made this year or could make before the end of the year that would result in a gain that can be offset with stock losses. There can be any number of scenarios that might benefit from year-end planning.

Any transaction you plan must be completed by the end of the year, which is right at the conclusion of the Holidays. Thus, it is probably appropriate to have your planning strategies in place well in advance of the Holidays.

But first here’s a review of the various tax rules and strategies that apply during this severely down stock market.

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Posted in Tax Central | Tagged Tax Planning

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