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Tax Planning

News and information to help improve your Four Capitals
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Tax Planning

Extended Tax Deadlines for 2020

The IRS has extended several tax deadlines from April 15, 2021 to May 17, 2021. Among these deadlines, is the federal income tax filing and payment deadline for the 2020 tax year. The IRS has not, however, extended the April 15, 2021 estimated tax payment due date. Below is a list of other tax deadlines

Posted By Alyssa Yocom
April 2, 2021
Tax Planning

Year-End Tax Planning Strategies

At Schultz Financial Group, our clients typically have multiple advisors whether it be for legal, estate planning, insurance, real estate, and/or tax matters. We serve as their “orchestra leader” to connect those other advisors together so they all work in harmony to help our clients achieve their goals. One example of this is how SFG

Posted By Schultz Financial Group Inc.
November 21, 2020
Tax Planning

Charitable Gifts in 2020

The holiday season is often associated with making charitable gifts. 2020 has been a unique year in many ways. It is likely that your favorite charitable organizations have been gravely impacted by the Coronavirus pandemic: operations have changed, fundraising events have been cancelled, and the list goes on. However, the beneficiaries of those charities still

Posted By Alyssa Yocom
November 18, 2020
Retirement Planning

Understanding Required Minimum Distributions

Understanding Required Minimum Distributions (RMD) is imperative for effective retirement planning. RMD rules can be complicated and difficult to understand, so we’ve outlined common questions and explanations to help you.

Posted By Alyssa Yocom
November 18, 2020
Tax Planning

Charitable Deductions Allowed Up to 100% of AGI in 2020

Typically, tax law limits charitable deductions to 60% of your adjusted gross income (AGI). However, there is a temporary suspension of the limits on deductible charitable contributions under the CARES Act. For a contribution to qualify, it must be a cash contribution made to a qualifying organization during the 2020 calendar year. Donor Advised Funds

Posted By Alyssa Yocom
August 6, 2020
Tax Planning

$300 Above-the-Line Charitable Tax Deduction

The Coronavirus Aid, Relief, and Economic Security (CARES) Act added an above-the-line tax deduction for 2020. Taxpayers who make a qualified charitable contribution and who do not itemize their deductions using Schedule A may be eligible for a deduction from the calculation of gross income.

Posted By Alyssa Yocom
May 20, 2020