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Taxes

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Mar 11, 2022
Understanding the Basics of an Annuity
Annuities have been around for many, many years and can be considered an investment product with an insurance-like attribute. They can be in accumulation mode or annuitization mode, they can be immediate or deferred, and they can be fixed or variable. They can also be treated very differently for tax purposes, depending on whether the annuity is held in a non-qualified or qualified account. Here’s what you need to know about these products, and how they may or may not fit into your overall financial plan.
Mar 11, 2022
Feb 16, 2022
Don’t Overlook These Above-the-Line Adjustments at Tax Time
Many people may be finding it easier to prepare their year-end tax returns since the Tax Cuts and Jobs Act was passed in December of 2017. At that time, the below-the-line standard deduction nearly doubled from $6,500 to $12,000 for individuals, and from $13,000 to $24,000 for those who were married filing jointly. This led to far more people taking advantage of the standard deduction at year-end, as opposed to itemizing deductions for things like medical expenses, home mortgage interest, state and local income tax, sales tax, and property tax, since the new standard deduction became larger than all of one’s itemized deductions combined for most taxpayers.
Feb 16, 2022
Feb 03, 2022
Podcast: Generating Income in Retirement
The experts of this show featured Stephen Krauss, CFA®, Senior Vice President, Senior Wealth Advisor, and Charles Cox, CFP®, Vice President, Planning Advisor.
Feb 03, 2022
Jul 22, 2021
Special Delivery: Income Tax Payments to Uncle Sam
What can I say – your rich Uncle (Sam) wants a cut of your financial well-being each and every year, and he’s quite serious about collecting His share. When and how he goes about doing so can take many forms, including weekly/bi-weekly payroll withholding, withholding from traditional Individual Retirement Account (IRA) distributions, estimated quarterly income tax payments, and/or a lump sum payment at the end of each year. One way or another, he’ll get what’s coming to him, for how else could we afford to keep this great Country running?
Jul 22, 2021
Apr 01, 2021
The American Rescue Plan – What you Need to Know
The American Rescue Plan Act of 2021 was signed into law on March 11. It aims to help about 158 million households get back onto their feet after a year-long struggle with the coronavirus pandemic.
Apr 01, 2021
Mar 15, 2021
Pandemic Relief Measures and Your Tax Return
Two emergency relief bills passed in 2020 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March, and a second relief package was attached to the Consolidated Appropriations Act, 2021, in December. The following provisions may affect many households when they file their personal tax returns for 2020. You might consult a tax professional who can explain the changes and recommend strategies to help reduce your tax liability for 2021.
Mar 15, 2021
Dec 18, 2020
Looking Ahead to Filing 2020 Income Taxes
It’s a busy time. But it’s not too soon to start thinking about taxes. Let’s take a look at 9 tax facts for tax-year 2020 along with tips that may save you money.
Dec 18, 2020
May 08, 2020
Leveraging a Roth IRA in the Midst of a Market Drawdown
As of April 26, 2020, the Dow Jones Industrial Average was down approximately 20% from its February 12th all-time high - a significant recovery, after being down more than 38% from its all-time high on March 23rd. In the midst of this market decline - the fastest in history - now may be the perfect time to fund a Roth IRA and/or take advantage of a Roth IRA conversion. Establishing or adding to this type of account could help maximize wealth and add flexibility to one’s retirement, tax, and long-term estate plan.
May 08, 2020
Mar 20, 2020
CNB Wealth Management Business Continuity
We would like to provide you with an update on our commitment to maintaining all CNB Wealth Management functions during this period of uncertainty. CNB Wealth Management is committed to providing you with the exceptional service you have come to expect from us, throughout this challenging time.
Mar 20, 2020
Jan 09, 2020
The Incentives and Disincentives of Charitable Giving
President Trump signed the Tax Cuts and Jobs Act of December 2017 (TCJA) into law approximately two years ago, markedly changing the monetary benefits people derive from their charitable giving. The Federal Estate and Gift Tax Exclusions were increased, new laws involving standard and itemized deductions against personal income emerged, and the notion of Qualified Charitable Distributions (QCDs) was introduced. The provisions of the TCJA forced people to be more thoughtful about how, and how much, they choose to give.
Jan 09, 2020
Nov 21, 2019
How to Use Qualified Charitable Distributions to Achieve a Win-Win
On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015. One provision benefitting seniors that was made “permanent” is the Qualified Charitable Distribution (QCD). I say permanent with tongue-in-cheek, of course, since very little Congress does can ever be considered permanent, particularly when it comes to tax legislation.
Nov 21, 2019
Feb 11, 2019
Podcast: Recent Changes to Income Tax Laws
Ask the Experts is a financial forum for education and advice as CNB’s experts answer your questions on financial topics that interest you.  The experts of this show featured Jason Fitzgerald, CFP®, Senior Vice President, Wealth Advisor
Feb 11, 2019
Dec 18, 2018
Lots of Changes in the New Year
Many of the numbers coming out of Washington that impact our tax and retirement planning lives are different in 2019, just as they tend to be every year.
Dec 18, 2018
Oct 05, 2018
Year-End Tax Planning Strategies
As you try to navigate the busy months until year end, financial planning may not be top of mind. However, now is an ideal time to take advantage of tax savings strategies before we are ringing in 2019.
Oct 05, 2018
Jun 06, 2018
College Saving: How Does a 529 Plan Compare to a Roth IRA?

529 plans were created 22 years ago, in 1996, to give people a tax advantaged way to save for college. Roth IRAs were created a year later, in 1997, to give people a tax advantaged way to save for retirement.

Jun 06, 2018
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