Tax Tips

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What Is Income Tax and How Is It Calculated?

Income tax is the tax that federal, state, and local governments require businesses and individuals to pay on their total earnings each year. Total earnings can include wages, tips, interest, dividends, unemployment, and retirement distributions. To calculate income tax, you must first determine your taxable income and filing status to see which tax bracket you […]

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3 Reasons to Set Up a Donor-Advised Fund to Maximize Your Charitable Tax Deductions

Using donor-advised funds is a more advanced tax strategy that has gotten more popular recently with the introduction of the Tax Cuts and Jobs Act (TCJA) in February 2020. The TCJA nearly doubled the amount of the standard deduction, which makes it less advantageous to itemize deductions such as charitable contributions. For people with a

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