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A Wealth of Information Blog

Kids and Tax Returns

February 05, 2016

by Kerry and David Pickett, EA

The “apples of your eye” have gotten an after school/during college/ summer job. Wooo Hoo!! It’s a great way to start on the road of responsibility. When this occurs two things may well happen. First of all you will have to listen to them wonder in annoyance who FICA and Medicare are, and why are they taking their money? Then they notice; what’s this?? Federal tax, State tax and maybe school district taxes out too??!! You may consider this a...

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While You Were Sleeping...

November 06, 2015

by David Pickett, EA & Kerry Pickett, CWS

Recently the House and Senate passed a budget bill and it should be signed by the President soon (and may have been by the time this is published). Within the bill were two important changes to Social Security claiming strategies; “file and suspend” and “restricted application”. In the past a spouse could file and suspend their Social Security benefits at their FRA (or Full Retirement Age). Their spouse could then (at their FRA) apply for a “restricted application” and receive...

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Explaining Refunds

February 28, 2014

by Kerry & David Pickett, EA

Why is (insert appropriate name here)’s refund so much larger than mine? As tax preparers we often hear this, many times with a hint of a “you must have done something wrong?” inference. So this article will attempt to demystify how refunds are determined. There are many factors that go into determining a tax refund. We will focus on the Federal refund because the same rules apply to all states. State refunds are determined by the state of residence. If...

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