Are Insurance Proceeds Taxable?

In the aftermath of loss or disaster, taxes are the last thing you want to consider. However, being tax-compliant is necessary. Understanding the tax implications of your insurance proceeds is vital to help you navigate financial matters successfully after unforeseen events. These implications can vary depending on the nature of your claim, insurance type, and local tax[...] Continue reading

Tax-Saving Strategy for Investors

Written by: Mike Blehar | Founding Partner & Chief Growth Officer At Fort Pitt Capital Group, we believe it’s never too early to start thinking of ways to save money on next year’s taxes. Beginning the process early can help you find strategies that will reduce the amount you pay. Then, you can implement your tax-saving strategy in 2022 and beyond. What Is[...] Continue reading

How to Avoid Tax Penalties on Your 529 Refund

Did you or your child receive a refund from college?  If so, that refund could be subject to taxation and a 10% penalty. The IRS could consider this refund as no longer being used for Qualifying Education Expenses.  This refund would then be recharacterized as a taxable distribution. In order to avoid this, consider recontributing the refund back into the 529 plan. [...] Continue reading

Tax time Q&A: Where’s your 1099?

Written by: Kaitlyn Haney, CFP® | Financial Advisor After a year of impressive returns in a strengthening bull market, we know that our clients are eager to file their 2019 tax returns. Like past years, custodians including Charles Schwab, Fidelity, TD Ameritrade, and U.S. Bancorp will mail individuals who haven’t enrolled in paperless delivery their important tax[...] Continue reading