Tax Planning

Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to substantial underpayment penalties.

Two recently passed pieces of tax legislation have brought about several tax changes for 2023 that may affect you. The legislation includes the Inflation Reduction Act and the Secure 2.0 Act.

Those dealing with income taxes only once a year when involved with their own tax return often have questions related to tax terminology and sometimes find it difficult to get answers to those questions.

If 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.