Taxes

1099 Forms

Explaining these ubiquitous forms and their uses.    What is a 1099 form? This is a record of payment from an individual or entity, showing a payment, generated for your records. The individual/entity sends a copy to both the payee as well as the I.R.S.1 Who might be sending 1099s? Clients send their freelancers 1099s, recording work performed. Banks send 1099s to reflect interest from a savings account. A...

When is Social Security Income Taxable?

The answer depends on your income. Your Social Security income could be taxed. That may seem unfair, or unfathomable. Regardless of how you feel about it, it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above certain yearly income thresholds in that year. Frustratingly for retirees, these income thresholds have been left at the same levels for 32 years.1...

Will You Avoid These Estate Planning Mistakes?

Too many wealthy households commit these common blunders. Provided by William J. Prentice II, AWMA®, CFP®, CIMA® Many people plan their estates diligently, with input from legal, tax, and financial professionals. Others plan earnestly, but make mistakes that can potentially affect both the transfer and destiny of family wealth. Here are some common and not-so-common errors to avoid. Doing it all yourself. While you could write your own will...

Tax Preparation Options for 2016

Provided by William J. Prentice II, AWMA®, CFP®, CIMA®   The goal of Prentice Wealth Management is your financial success. For your convenience we would like to present the following options for your tax preparation. Prentice Wealth Management has no affiliation or financial arrangement with either of these options which are presented on a good faith basis only, without warranty or obligation. Tax Forms: Investment related tax documents such...