Hello again, and welcome to our fourth and final addition to our blog series called, Tax Planning 101. In our last three blogs, we provided a high-level overview of: How gross income is adjusted through the use of deductions (click here to read); How tax brackets apply to your taxable income (click here to read); […]
Hello again, and welcome to another addition to our four-part series called, Tax Planning 101. If you read our last two blogs, you learned about the income tax equation, tax deductions, tax brackets, tax filing statuses, etc. If you haven’t read the previous two blogs just click here to read the first one and click […]
We are back with another addition to our four-part series called, Tax Planning 101. If you remember our last blog, we walked through the how certain adjustments to your gross income are used to calculate your adjustment gross income, and then we took a stroll through both the standard deduction and itemized deductions. In today’s […]
Most people have at least a general understanding of how the U.S. income tax system works, being that the infamous Form 1040 (the U.S. Individual Income Tax Return) was created back in 1913. Whether you have filed your own taxes for the past 30 years, or all you know is that something happens on April […]
With 2022 in the rearview, it’s tax-filing season. Below you’ll find an overview of changes in tax law for 2022 as well as a brief checklist of documents to gather when preparing to file. The first thing you should know is that the due date for your 2022 Form 1040 is April 18, 2023, instead […]
When the market experiences heightened volatility, resulting in negative performance, it can have a significant impact on investments. Though account values may look disheartening for many this year (as the S&P 500 was -17.13% as of November 21st, 2022), it may be possible to find a silver lining to cheer you up. Well at least […]
The Labor Department announced earlier this month that the consumer-price index increased 8.6% in May from the same month a year ago, marking its fastest pace since December 1981. This was above analyst expectations of 8.3% and sent U.S. stocks down as consumer sentiment dropped along with them. With ongoing inflation and a lagging stock market, you […]
Ever since they were first established back in 1998, Roth IRAs have been a game-changer in the retirement world. After years and years of only pre-tax retirement vehicles, Roth IRAs provided another way for savers to put money aside for the future. That said, let’s dive into what a Roth IRA is, who can use […]
Phil: Welcome back to Tull Financial, Financial Fridays! It’s been a little while but we’re glad to be back with you. It’s tax season, really coming down to the wire here. So you’ve got lots of questions about tax software, tax preparers, CPAs – who do I use? How do I know? And of course […]
Required minimum distributions have received a lot of attention over the past couple of years and you may be wondering what all the fuss is about. There are a lot of questions to ask yourself: Do I begin at 70 ½ or 72? How is it calculated? Why do I have to pay the dreaded […]