Top Ten Common Mistakes to Avoid as You Prepare for Tax Season

The Krilogy® Tax team is gearing up for another successful tax season, and we want to help you feel as confident and prepared as possible. As we kick off the season, we wanted to share a few common tax mistakes that we have come across recently to help you avoid doing the same before you file your 2021 tax return….

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Qualified Charitable Distributions

At Krilogy, we work with clients through all phases of their retirement planning, investment strategies, and tax strategies. A key point in this journey occurs when a client reaches 72 years old, the age at which they must begin taking Required Minimum Distributions (“RMD”) from their retirement accounts. However, in some cases the individual may not want or need this…

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Matt Mercer

Advance Child Tax Credit Payments

The American Rescue Plan Act of 2021 (ARPA) was enacted as part of President Biden’s plan to help facilitate the United States’ recovery from the COVID-19 pandemic. The bill was signed into law March 11, 2021. The legislation includes the expansion of the Child Tax Credit (CTC). The expansion only applies for the 2021 tax year and is based on…

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Year-End Tax Planning Strategies

The year is quickly wrapping up, but there is still time to review your tax situation and identify opportunities that may reduce your tax obligation. The Krilogy Tax team has assembled a list of timely planning ideas for clients’ consideration at year-end. 1. Roth IRA conversions Pre-tax retirement accounts are a ticking time bomb, because their future tax liability grows…

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Tax Planning in an Election Year and Uncertainty

In the past 50 years, there has been major tax overhaul about every decade. If you were born before 1980 you might remember the highest tax rate was 70%! However, in the last few years we have seen three of the most substantial tax changes in recent history: The Tax Cuts and Jobs Act (TCJA) of 2017, the Setting Every…

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Matt Mercer

How do the new tax laws affect my 529 plan?

Quality education is something worth saving for, so why not use a plan that offers incredible income tax breaks? 529 plans can be used for college savings and prepaid tuition plans and are a great option for either saving for yourself or your child. However, it’s important to understand how new tax laws affect the rules for 529 plans. What…

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Charles Schulz

Why Year-End Planning in 2018 is More Important Than Ever

2018 has proven to be a year unlike many others as the United States experienced the biggest tax law overhaul in decades with the Tax Cuts and Jobs Act (TCJA). Much has been written about the implications for the average taxpayer, and we at Krilogy Financial® and Krilogy® Tax Services have been advising clients on issues such as charitable giving…

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Matt Mercer

Veterans: You May Be Eligible for a Tax Refund

If you’re one of the 130,000 combat-injured veterans whose disability severance pay was taxed between 1991 and 2016, a recent letter from the Department of Defense could be informing you that you may be eligible for a refund. This is the result of the Combat-Injured Veterans Tax Fairness Act of 2016 which allows veterans the opportunity to file an amendment…

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