If there’s one tax myth that just won’t retire despite being well past its usefulness, it’s the idea that “moving into a higher tax bracket means you take home less money.” This is not how tax brackets work (thankfully).  But frequently I hear from a client some good news about a raise or bonus, and their first question for me is whether the IRS is going to be waiting with a vacuum hose to suck up all their joy. So let’s clear the air and explain how tax brackets really work.  First, the tax...

End-of-Year Tax Moves for Business Owners The end of the year always sneaks up on us.  There’s the holiday rush, closing the books, and planning for next year, so tax planning doesn’t usually make it to the top of the list. But here’s the truth: December 31 is the finish line for many of your best tax-saving opportunities.  Once the calendar flips, so does your chance to make these moves. Here are five smart strategies to consider before year-end: 1. Buy Needed Equipment or Technology Are you...

If you think all W-2 employees have “simple” taxes, think again—especially if your income is in the upper brackets or you have multiple income streams. High earners sometimes leave money on the table or risk penalties, because they don’t realize certain items apply to them. Here are five common mistakes—or missed opportunities: 1. Overlooking Pre-Tax Benefits Maxing out your 401(k) is just the beginning. Many employers also offer: Health Savings Accounts (HSAs) Flexible Spending Accounts...