Taxes

New Pass-Through Income Tax-Exemption

People who claim their business income on their individual income tax forms (often referred to as “pass-through” income) may now be able to exempt 20 percent of that income from federal taxes. This new pass-through income tax-exemption could add up to significant tax savings. High-earning professionals like accountants, lawyers and consultants may encounter some eligibility [...]

By |2019-08-14T13:59:47-07:00December 17th, 2018|Taxes|

529 Education Savings Plan Updates

In July, the Internal Revenue Service (IRS) and Department of the Treasury announced new regulations related to recent tax law changes that affect 529 plans. The 529 education savings plan updates have to do with k-12 education and rollovers to Achieving a Better Life Experience (ABLE) accounts. The 2017 Tax Cuts and Jobs Act (TCJA) [...]

By |2019-08-14T13:59:48-07:00September 10th, 2018|College Planning, Current Affairs, Taxes|

New Tax Law Tempers Marriage Penalties

One unintended feature of U.S. income tax law is that the combined tax liability of a married couple may be higher than their combined tax burden if they had remained single. This is often referred to as the marriage penalty within the law. Congress’ new tax law tempers marriage penalties a bit. “Marriage penalties and [...]

By |2019-08-14T13:59:50-07:00March 26th, 2018|Taxes|

Congress Finalizing Tax Reform Bill

The U.S. House and Senate have each passed different tax reform bills and are working together to reconcile the differences. The goal is to deliver a final tax reform bill to the president before Christmas. “Both bills are big improvements to America’s out-of-date tax code,” wrote Adam Michel, a policy analyst for the Heritage Foundation, [...]

By |2019-08-14T13:59:51-07:00December 18th, 2017|Current Affairs, Taxes|

Year-End Tax Saving Strategies

Now is a perfect time to check for any remaining opportunities to help minimize your tax bill before 2017 comes to a close. There are many year-end tax saving strategies for you to consider. At Perspective Financial Services, we take a proactive approach to minimize our clients’ tax bills through a variety of investment strategies. [...]

By |2019-08-14T13:59:51-07:00December 4th, 2017|Advisors, Charitable Giving, Taxes|

Arizona Tax Credits Help the Community

November 29 is Giving Tuesday this year, Arizonans who pay state income tax have a unique and easy opportunity to give by directing where some of those dollars are spent. Arizona tax credits help the community. The state offers a number of dollar-for-dollar credits you can specify on your income-tax return to benefit schools, registered [...]

By |2019-08-14T13:59:56-07:00November 29th, 2016|Charitable Giving, Taxes|