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What the Inflation Reduction Act Means for You

By:  Michael Allbee, CFP®, Senior Portfolio Manager Thanks to the Inflation Reduction Act, the Act provides near-immediate, tangible benefits American families by lowering costs for home energy, new vehicles, health coverage, and prescription drugs. We previously discussed some of the significant provisions in the Act but we wanted to elaborate on what the Inflation Reduction Act means for you...

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There’s Still Time to Fund an IRA for 2022

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2022. If you had earned income last year, you may be able to contribute up to $6,000 for 2022 ($7,000 for those age 50 or older by December 31, 2022) up until your tax return due date, excluding extensions. For most people, that date is Tuesday, April 18, 2023. The IRS has postponed the deadline to...

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IRS Issues Guidance on State Tax Payments

The IRS has identified 21 states that made special payments to taxpayers in 2022. After a review of those special payments, the IRS has determined that taxpayers in many states will not need to report those payments on their 2022 federal income tax returns. Special payments in four of those states should be treated as refunds of state taxes paid, and taxation is determined under the general...

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Federal Income Tax Returns Due for Most Individuals

The federal income tax filing deadline for individuals is generally Tuesday, April 18, 2023. The IRS has postponed the deadline to file federal income tax returns and make tax payments for certain New York storm victims until May 15, 2023, and to July 31, 2023, for certain Mississippi storm victims. The deadline has been postponed for disaster-area taxpayers in most of California and parts of...

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California Tax Update: IRS Extends Tax Relief for Storm Victims

By:  Henry VanBuskirk, CFP®, Wealth Manager Our team would like to provide an update on a recent blog post discussing tax relief and the tax filing deadline for certain counties in California. The individuals in counties originally discussed in that posting will have until May 15th, 2023, to file tax returns, but some counties are automatically extending that tax filing deadline to October...

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Federal Tax Filing Season Has Started

The IRS announced that the starting date for when it would accept and process 2022 tax-year returns was Monday, January 23, 2023. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. The dates for furnishing such information to...

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California Tax Update: Storm victims qualify for tax relief

By:  Henry VanBuskirk, CFP®, Wealth Manager Our thoughts go out to the victims of the recent California storms, and we hope that you and your family are safe. The IRS has declared the following counties to be within a federally declared disaster area and eligible for tax relief. Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa,...

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Employee Stock Purchase Plans (Part 3)

By:  Paul Horn, CFP®, CPWA®, Senior Financial Planner As the final part of the series, we look at Employee Stock Purchase Plans (ESPP). Although these are not explicitly for executives, this is an important benefit that is not well understood and often underutilized. In case you missed Part 1 on Deferred Comp plans and Part 2 on Stock Options, read here and here, respectively. Employee Stock...

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The ABCs of RSUs, NSOs, and ISOs (Part 2)

By:  Paul Horn, CFP®, CPWA®, Senior Financial Planner In the first part of this series, we reviewed deferred compensation plans. This week we are looking at stock options. Stock Options There are 3 basic forms of stock options that we will review today. We will look at them from most to least common: Restricted Stock Units (RSUs) Restricted Stock Units (RSUs) are the most common form of stock...

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Understanding Executive Compensation: Deferred Compensation (Part 1)

By:  Paul Horn, CFP®, CPWA®, Senior Financial Planner You’ve likely daydreamed about the future. A future where you spend the weekend relaxing in front of the lake, and your grandkids run while you open a bottle of fine wine. Reducing preoccupations and enjoying the small details in life come from hard work and dedication. Undeniably, money buys necessities and luxuries in life. Though somewhat...

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Tis the Season for Tax-Friendly Giving Strategies

You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to charitable giving, possibly as part of your year-end tax...

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Save on Taxes: Year-End Investment Decisions

As we wrap up 2022, it’s important to take a closer look at any year-end investment decisions that could result in substantial tax savings. In terms of investment planning, investing in capital assets may increase your ability to time the recognition of some of your income and may help you to take advantage of tax rates that are lower than the ordinary income tax rates. You have the flexibility...

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Some Good News – California Middle Class Tax Refund

If residents filing jointly made $500,000 or less in 2020, they could be eligible for a refund check of up to $1,050 with a dependent or up to $700 without a dependent. Here is a table outlining the exact amounts. Check it out to see if you’re eligible – if you are, California will be sending payments between October 2022 and January 2023! Disclosure: BFSG does not make any representations or...

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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...

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Now Might Be a Good Time for a Roth Conversion

One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay taxes on a lower asset base when you convert. If all conditions are met,...

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