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Is Your Withholding Enough?

July 21, 2014 by changescapeweb

Our “pay-as-you-go” tax system requires that you make payments of your tax liability evenly throughout the year. If you don’t, it’s possible you could owe an underpayment penalty. Some taxpayers meet the “pay-as-you-go” requirements by making quarterly estimated payments. However, when your income is primarily from wages, you meet the requirements through wage withholding and you […]

Filed Under: General Tax Topics

Avoiding Underpayment Penalties

July 21, 2014 by changescapeweb

has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. These include: Payroll withholding for employees; Pension withholding for retirees; and Estimated tax payments for self-employed individuals and those with other sources of income not covered by withholding. When a taxpayer fails to prepay a safe harbor (minimum) amount, they can be subject […]

Filed Under: General Tax Topics

Transform Nondeductible Interest to Deductible Interest

July 21, 2014 by changescapeweb

The only interest that is still deductible as an itemized deduction is home mortgage interest and investment interest. If you are like so many others with large consumer debt such as credit cards, car payments, etc., you are paying interest that is not deductible. If the amount of consumer interest you pay each year is […]

Filed Under: General Tax Topics

Keeping Old Tax Records

July 21, 2014 by changescapeweb

Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute […]

Filed Under: General Tax Topics

Understanding Your Marginal Tax Rate

July 21, 2014 by changescapeweb

Ever wonder what the term “tax bracket” means? It refers to the top marginal tax rate that individuals are being taxed, not the average. Knowing your marginal rate is important, because any increase or decrease in your taxable income will affect your tax at your top marginal rate. Thus, if you are in the 25% […]

Filed Under: General Tax Topics

Keep a Low Audit Profile

July 21, 2014 by changescapeweb

According to a recent news article in a large metropolitan newspaper, the IRS may be auditing fewer returns but they are getting smarter about choosing those they do audit. Their goal, of course, is to focus scrutiny on the most “audit worthy” returns – those with potential for big adjustments. As taxpayers, all of us […]

Filed Under: General Tax Topics

Years of Inflation and the AMT Pose a Growing Tax Threat

July 21, 2014 by changescapeweb

Your tax will be the higher of the tax computed the regular way or the Alternative Minimum Tax. Anticipating when the AMT will affect you is difficult, because it is usually the result of a combination of circumstances. In addition to those items listed above, watch out for transactions involving limited partnerships, depreciation and business […]

Filed Under: General Tax Topics

Child Credit

July 21, 2014 by changescapeweb

The Child Credit was first introduced in 1998, when taxpayers were allowed to claim a $400 tax credit for their qualified children who were under the age of 17 at the end of the tax year. Per prior tax law changes, the child credit has increased to $1,000, and the $1,000 credit was made permanent […]

Filed Under: General Tax Topics

Get a Big Refund this Year?

July 21, 2014 by changescapeweb

The IRS estimates that approximately 70 million Americans annually receive tax refunds averaging around $1,800.  If you are among those who received a refund, you are probably celebrating. While some consider a large refund cause for celebration, it’s actually a financial mistake that becomes particularly costly for those who get refunds year after year. What’s […]

Filed Under: General Tax Topics

Understanding AGI Limitations and Phase Outs

July 21, 2014 by changescapeweb

AGI is the acronym for Adjusted Gross Income. It is generally the sum of a taxpayer’s gross income less adjustments that are permitted by law (but before deductions and exemptions). Those who file Form 1040 can find their AGI at the bottom of page 1 of the tax return. Many tax benefits and allowances, such […]

Filed Under: General Tax Topics

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by phone: 636-946-0001
by fax: 636-946-4782
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ST. CHARLES FINANCIAL SERVICES, LLC
571 Jefferson St.
St. Charles, MO 63301

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Securities offered through The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way, Cincinnati, Ohio 45242 (513) 794-6794. Investment Advisory Services offered through O.N. Investment Management Company. St. Charles Financial Services, LLC, is not a subsidiary or control affiliate of either The O.N. Equity Sales Company or O.N. Investment Management Company.

Representatives are licensed to offer insurance and annuities in MO, IL, MA, CA, KY, VA, AL, OK. This website is not intended for residents of other states.

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Monday - Friday
8:30 a.m. - 4:30 p.m.

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