757-546-2870 alex@cmintoncpa.com
New College Savings Option

New College Savings Option

How to get more money without reducing need awards Beginning in 2023 there is a new way to save money for college that won’t impact your student’s ability to qualify for financial aid. This change is in the 529 college saving program and is a change that every...
Improve Next Year’s Tax Situation Now!

Improve Next Year’s Tax Situation Now!

Whether you receive a big refund or pay your taxes on tax day, taking action now can ensure next year’s tax bill is optimized by not paying a dollar more than necessary. Update paycheck withholdings and forecast estimated tax payments. Reviewing and updating...
Understanding the Gift Giving Tax

Understanding the Gift Giving Tax

Excess gift giving could cause a tax surprise In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year. Amounts in excess of this limit...
The Marriage Penalty is Alive and Well

The Marriage Penalty is Alive and Well

Despite what you may think, the marriage penalty is still alive and well. Whether you’re changing your filing status in 2022 because of marriage, divorce or another event (or even if your filing status staying the same), you should review this information and plan...
5 Year-End Tax Essentials

5 Year-End Tax Essentials

Before 2022 comes to a close, take some time to review these essential items to ensure you are not missing something that could cause tax trouble when you file your tax return: 1. Take required minimum distributions (RMDs). If you are age 72 or older, you need to take...