The Tax Center

Everything you need to know to make smart tax decisions.

Tax Timeline

Dec 1
Start tax loss harvesting
Dec 31
Deadline to make charitable contributions
Jan 15
Q4 estimated payments due
Feb 1
Where’s your W-2?
Feb 16
Where’s your 1099?
Mar 31
Submit expenses for FSA
Apr 17
Tax Day! (April 15 is a Saturday)
Jun 15
Q2 2017 estimated payments due
Sep 15
Q3 2017 estimated payments due
Oct 16
Taxes due if you got an extension

December
2016

December 1, 2016

Start rebalancing so you can finish tax loss harvesting by December 31st. Look for mutual fund distribution statements for taxable accounts in the mail.

December
2016

December 31, 2016

Deadline for having made charitable contributions for deductions.

January
2017

January 15, 2017

Q4 estimates due for self-employed filers.

February
2017

February 1, 2017

Day you should have your W-2 form.

February
2017

February 16, 2017

Day you should have your 1099 (interest and dividend from investments).

March
2017

March 31, 2017

Deadline for spending HSAs.

April
2017

April 17, 2017

Tax forms or extension requests due; last day to make a 2016 IRA contribution; first quarter estimated tax due for self-employed.

June
2017

June 15, 2017

Q2 2017 estimated payments for self-employed due.

September
2017

September 15, 2017

Third quarter estimated tax payments for self-employed due.

October
2017

October 16, 2017

Tax returns due for individuals who got an extension.

Tax Strategy

  1. Don't Miss This Retirement Tax-Saving Window

    Many retirement planners view the years between age 59½ and 70½ as a “sweet spot” for their clients’ taxes. Here’s why and ...
  2. An Overview of Itemized Deductions

    President Trump may get rid itemized deductions.
  3. How to File a Tax Extension

    Learn the process you need to follow to get an extra six months to file your tax return.
  4. The Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  5. Top 10 Mistakes on Tax Returns

    These common mistakes on tax returns are easily avoided. Here's what to double-check before you file your return this year.
  6. What Will Get You Audited by the IRS on 2016 Taxes

    These items on your 2016 taxes could make the IRS decide to audit you.
  7. 5 Tax(ing) Retirement Mistakes

    Don't let these simple errors undermine your retirement income.
  8. Last-Minute Tax Deduction Moves - By April 18

    April 18th is almost here, but it's still not too late to find some last-minute deductions. Act now!
  9. 7 Divorce Tax Traps

    Filing your taxes is complicated enough, but it can become even more challenging after a divorce.
  10. Why Your Taxes Are Due on April 18 This Year

    Your taxes are always due April 15th. Except when they’re not.
  11. The Roth Mistake You Need to Undo before April 18

    If you received a big bonus, got married or earned more last year, you may be ineligible to make a Roth IRA contribution. ...
  12. Advisors: Clients Must Take First RMD by April 1

    Not taking your first RMD from your retirement accounts by April 1 will cost you a 50% penalty.
  13. Why You Can't Send the IRS Prefilled Tax Returns

    Lobbying by Intuit, H&R Block and others keeps the IRS from sending out prefilled tax returns that taxpayers can review, ...
  14. Why It's Hard to Find a Custodian for a Self-Directed IRA

    When finding a custodian for a self-directed IRA, look for expertise in the asset classes you want to invest in and a strong ...
  15. Why You Need to Know Your Cost Basis

    Morgan Stanley's error is a reminder to track the cost basis of your investments.
  16. Savings and Tax Strategies Missed by Physicians

    Doctors and others often don't take complete advantage of health savings accounts and 401(k)s.
  17. Seven Deadly Sins to Avoid During Tax Season

    Make sure your tax return is error-free before filing with these seven tips.
  18. What Is a DISC Tax Break and Can It Make You Rich?

    How two brothers used a Domestic International Sales Corporation to get $3 million personal tax breaks. So far, it's legal.
  19. 4 Things to Know Before Filing Taxes This Year

    Keeping these four things in mind will help this tax season go more smoothly for you.
  20. Tax Issues If You Relocate

    What are the tax implications of moving during retirement? They could likely affect your cost of living.
  21. Another Last-Minute Deduction: HSAs

    There’s one deduction that your tax person might not talk about as much as he or she should: health savings accounts (HSAs). ...
  22. Chances of a Tax Audit Lowest in Years – Maybe Ever

    The risk of a tax audit, for you or your company, is the lowest in years, but that doesn’t mean you should skirt the law ...
  23. Taxes on Retirement Assets: How to Pay Less

    Withdrawing and spending during retirement can be complicated. Here's how to plan for the process in the most tax-efficient ...
  24. There Is Still Time to Save on Your 2016 Taxes

    You still have time to defer some income and save money on your 2016 taxes.
  25. Don't Stress This Tax Season, Prepare Instead

    Follow these strategies to help reduce tax-deadline stress for you and your CPA.
  26. Roth IRA Contribution Limits

    Discover the benefits of Roth IRA accounts and how much you can contribute for your retirement. Learn which IRA plan is best ...
  27. Trump Changes Obamacare Income Tax Policy

    Don't disclose health insurance? The IRS will now accept your tax form. But watch for penalties.
  28. 6 Tax Season Tips for Small Business Entrepreneurs

    Here are several tips for small business owners to meet their tax compliance needs.
  29. 6 Cheap Ways to Get a Tax Refund Advance

    Tax-preparation companies offer tax refund advances to get customers in the door and collect fees on other services. Here ...
  30. What Will I Pay for Tax Preparation Fees?

    Tax preparation fees aren't one size fits all. What you pay will vary – depending on the complexity of your return, who does ...

Tax Help

Asset 1 Definitions

  • Filing Status

    A category that defines the type of tax return form an individual will use. Filing status is closely tied to marital status.

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  • Standard Deduction

    A base amount of income that is not subject to tax and that can be used to reduce a taxpayer's adjusted gross income (AGI).

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  • Itemized Deduction

    A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year.

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  • Filing Extension

    An exemption made to both individual taxpayers and businesses that are unable to file a tax return by the due date.

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  • Alternative Minimum Tax

    An alternative minimum tax (AMT) recalculates income tax after adding certain tax preference items back into adjusted gross income.

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  • Ordinary Income

    Ordinary income is composed mainly of wages, salaries, commissions and interest income from bonds, and it is taxable using ordinary income rates.

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  • Internal Revenue Code

    The Internal Revenue Code (IRC) refers to Title 26 of the U.S. Code, which acts as the laws of the country.

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  • Tax Bracket

    A tax bracket refers to a range of incomes that are subject to a certain income tax rate.

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  • Tax Gain/Loss Harvesting

    Tax gain/loss harvesting is a strategy of selling securities at a loss to offset a capital gains tax liability.

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  • W-2 Form

    The W-2 form is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year.

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  • Adjusted Gross Income

    Adjusted gross income (AGI) is a measure of income calculated from your gross income and used to determine how much of your income is taxable.

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  • Flexible Spending Account

    A Flexible Spending Account (FSA) is a type of savings account available in the United States that provides the account holder with specific tax advantages.

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  • Internal Revenue Service

    The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws.

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  • Traditional IRA

    A traditional individual retirement account (IRA) allows individuals to direct pretax income towards investments that can grow tax-deferred; no capital gains or dividend income is taxed until it is withdrawn.

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  • Roth IRA

    A Roth IRA is an individual retirement plan (a type of qualified retirement plan) that bears many similarities to the traditional IRA.

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  • Taxable Income

    Taxable income is the amount of income used to calculate an individual's or a company's income tax due.

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  • Tax Credit

    A tax credit is an amount of money a taxpayer is able to subtract from taxes owed to the government.

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  • Capital Gain

    Capital gain is an increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price.

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  • Cost Basis

    Cost basis is the original value of an asset for tax purposes, usually the purchase price, adjusted for stock splits, dividends and return of capital distributions.

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  • Capital Gains Tax

    Capital gain is an increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price.

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  • W-4 Form

    An employee completes an IRS W-4 form, or an Employee's Withholding Allowance Certificate, to indicate his tax situation to the employer.

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  • Form 1099-MISC

    Form 1099-Misc is a tax form that reports the year-end summary of all non-employee compensation.

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  • IRS Form 4868

    An IRS form that must be submitted by individuals who wish to extend the amount of time they have to file their tax returns.

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  • IRS Form 1040

    Form 1040 is the standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns.

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