by Mark Shelby | Tax Planning
What is it they say? There are two things you can count on in life, death, and taxes? Paying taxes is part of the American and Virginian way. While all 50 states in the US must pay the same federal income taxes, Virginian residents benefit from favorable income tax... 
by Mark Shelby | Tax Planning
If you itemize, you should note the reduced medical deduction threshold for 2018. This year, you can deduct qualified medical expenses exceeding 7.5% of your adjusted gross income. Next year, the threshold for the medical expense deduction returns to 10% of AGI. (The... 
by Mark Shelby | Retirement Planning, Tax Planning
How much attention do you pay to this factor? Will you pay higher taxes in retirement? Do you have a lot of money in a 401(k) or a traditional IRA? If so, you may receive significant retirement income. Those income distributions, however, will be taxed at the usual... 
by Mark Shelby | Tax Planning
Fewer taxpayers are itemizing in the wake of federal tax reforms. You may be one of them, and you may be wondering how many receipts, forms, and records you need to hold onto for the future. Is it okay to shred more of them? Maybe not. The Internal Revenue Service has...