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Plan Now Pay Less Later, What is Tax Planning and Why Do I Need It, SFS Tax, SFS Tax and Accounting, Saving Money, Calculator, Change, Spreadsheet

Plan Now, Pay Less Later: What is Tax Planning and Why Do I Need It?

The only constant is change. That applies just as much to your taxes as it does to anything else in life, and it’s why tax planning is so important. The biggest tax change in several decades went into effect on January 1, 2018.  It’s called the Tax Cuts and Jobs Act, and it can make a significant difference in the amount of tax you will pay. Income Tax Rates Change; Tax Brackets Shift There have been changes to both the tax [...]

3 Summer Financial Tips for Kids, SFS Tax, SFS Tax and Accounting, Kids Swimming, Pool, Kids in Floats, Sunglasses, Kids in Sunglasses

3 Summer Financial Tips for Kids

Ahhh… summer! Enjoy a more relaxed schedule, warmer weather, backyard barbeques and sandy-yet-fun trips to the beach. In between all of the activity, it’s good to incorporate life lessons that don’t require textbooks (or flotation devices). It’s old-fashioned learning by example! Starting financial education when kids are young will leave them well equipped to handle money well when they are grown. Give Kids an Income… and Help them Manage It It doesn’t have to be a lot. A few dollars a week can [...]

Do You Make Quarterly Tax Payments, It is a Little Tricker This Year, SFS Tax, SFS Tax and Accounting, One Hundred Dollar Bill, Money Puzzle

Do You Make Quarterly Tax Payments? It’s a Little Trickier This Year

Figuring out quarterly tax payments is a little more complicated this year. The Tax Cuts and Jobs Act of December 2017 ushered in over 500 pages of tax code revisions. Among other changes, it lowered tax rates and created a deduction for pass-through entities and the self-employed. It also does away with personal exemptions and suspends some itemized deductions. However, there is a need for technical corrections, which may come this summer. Even so, there are penalties for underpaying your quarterly tax obligation. [...]

Senior Financial Fitness, What You Need to Know, SFS Tax, SFS Tax and Accounting, Doctor, Doctor in a white coat, Stethescope, Gold Watch, Gold Wedding Band

Senior Financial Fitness – What You Need to Know

It’s never too late to get financially fit. Here are some simple and painless ways to build your financial muscle. 1. Take another standard deduction. If you are 65 or over, you are entitled to another standard deduction (if you don’t itemize). Those standard deductions have nearly doubled in 2018. A tax professional can determine if you are better off taking those standard deductions or itemizing. 2. Continue to make contributions to a retirement plan. It’s perfectly legal for you to put [...]

The Seesaw Standard Deductions and Child Tax Credits Double, Personal Exemptions Vanish, What it All Means, SFS Tax Problem Solutions, Family of Four, Tropical Location, Beach Background

The Seesaw: Standard Deduction & Child Tax Credit Doubles, Personal Exemptions Vanish – What it All Means

Part Two of What did the Tax Cuts & Jobs Act Do to My Income Tax?  In part one of this series, we covered the changes to the ordinary income tax brackets and rates. Your income is only part of the story in determining how much tax you will pay. Also factoring into the equation is the standard deduction amount, which has nearly doubled, as well as the personal exemption, which has vanished. This is good news for single filers and [...]

What did the tax cuts and jobs act do to my income tax, lady holding a sign, will i be paying more or less, lady in a business suit, SFS Tax

What Did the Tax Cuts & Jobs Act do to My Income Tax? Part One of a Two Part Series

Many changes were ushered in by the Tax Cuts & Jobs Act which passed in December 2017. Depending on your tax situation, the most impactful changes for individuals were to: Ordinary Income Tax Rates and Brackets Standard Deduction Amounts The Personal Tax Exemption For those with children, the doubling of the child tax credit can also make a difference. In the first of this two-part series, we’ll look at the changes to the ordinary income tax rates. Income Tax Changes: Most Will Pay Less, Some [...]

Another Hurricane, Use This Tax Holiday to Get Ready, SFS Tax, SFS Tax and Accounting, Hurricane

Another Hurricane?! Use This Tax Holiday to Get Ready!

Many of us remember the wrath of Hurricane Irma last September. It seems like yesterday! It can be tough to face the possibility of another one (already). Nonetheless, hurricane season starts this Friday. This might get you in the mood to prepare, though… Floridians will get a week-long disaster preparedness sales tax holiday. It runs Friday, June 1 to next Thursday, June 7. Qualifying disaster preparedness items are exempt from sales tax during this period. What’s a qualifying item? Check the list below from [...]

Top 5 Ways Wine Helps with Your Taxes, SFS Tax, Red Wine, White Wine, Grapes, Wine Barrels, Wooden Tables

Top 5 Ways Wine Helps with Your Taxes

In honor of National Wine Day, we’re counting down the ways that wine can help you when it comes to your taxes. Raise your glass and toast to this! 5. Wine is good for your heart. You may need a healthy ticker when see your tax bill. 4. Wine preserves your memory. Can’t remember where those receipts are? Drink up. Researchers found that women in their 70s who drank at least once a day scored better on memory tests than those who drank [...]