Online Resources
The best financial calculators anywhere, dinkytown.net provides over 350 financial calculators!
Tax Tips from Heberlein & Falk
- Have your taxes prepared early, do not wait until the last minute as you may need additional information.
- If you discover an error on a prior tax return, notify your tax preparer to determine if an amended return is necessary.
- For charitable contributions, you are required to have support from the organization if the contribution was $250 or greater. Also, you must have this at the time you file your return. If the contribution is less than $250, a cancelled check may be used as support.
- If you sold your personal residence you may be able to exclude a portion of the gain on the sale, $250,000 for single and $500,000 for married.
- Considering filing married-separate vs. married-joint? Typically there is a lower tax liability when filling married filing joint compared to married filing separate as you may lose several tax credits and/ or deductions. We can help you decide the best option to take.
- Contributions to a Section 529 Tuition program are deductible up to $14,000 per beneficiary, per taxpayer on the PA return.
- When an extension is filed, you are extending the date the return is due, not when the tax is due. If you estimate that you will owe tax with your return, you can include a payment with your extension to avoid potential penalties and interest.
- If you have not received your refund yet and want to check on the status visit the IRS website.
- If you are unable to pay your entire tax bill, you can setup a payment plan with the IRS.
Tax Due Dates
- 1/31 - 4th Quarter quarterly payroll tax returns
- 1/31 - Annual payroll tax forms (Form 940, W-2, W-3, etc)
- 3/15 - S Corporation tax returns (1120S)
- 3/15 - Partnership tax returns (1065)
- 4/15 - Individual tax returns (1040)
- 4/15 - C Corporation tax returns (1120)
- 4/15 - IRA contribution is due
- 4/15 - 1st quarter estimated tax payment
- 4/30 - 1st Quarter quarterly payroll tax returns
- 6/15 - 2nd quarter estimated tax payment
- 7/31 - 2nd Quarter quarterly payroll tax returns
- 9/16 - 3rd quarter estimated tax payment
- 9/16 - S Corporation (1120) and Partnership (1065) tax returns that were put on extension
- 10/15 - C Coproration (1120) and Individual tax returns (1040) that were put on extension
- 10/31 - 3rd Quarter quarterly payroll tax returns
- 1/15 - 4th quarter estimated tax payment
Financial Tools
Investments
Determine your investment's future value by considering factors like capital, return rate, inflation, and taxes.
Analyze the impact of fees and expenses on your mutual fund investments.
Determine the present value of future deposits and a known final value.
Designed to help you track, adjust, and exceed your investment goals with real-time insights.
Strategize and rebuild your investments after a loss by calculating the time and contributions needed to recover and grow your portfolio.
Retirement
Estimate your potential Social Security benefits with insights based on your age, income, and retirement plans.
Decide whether to spend or save your 401(k) after leaving an employer.
Compare the benefits of Roth and Traditional IRAs to determine which retirement savings option best suits your financial goals.
Determine your Required Minimum Distributions (RMD) as a beneficiary of a retirement account to optimize tax deferral strategies.
Designed to help you choose between higher monthly payments or securing benefits for your spouse after your passing.
Determine how long your retirement savings will last, factoring in your savings, spending, and inflation-adjusted withdrawals.
Determine the financial impact of spending your IRA now versus saving it for retirement.
Combine tax-deferred growth and employer contributions to maximize your financial future.
Evaluate the impact of losing Social Security benefits on your retirement plan.
Helps you plan contributions, employer matches, and tax-deferred growth for a secure financial future.
Mortgage
Determine your maximum mortgage amount based on your income and monthly debts with our Maximum Mortgage Calculator, which calculates your potential monthly housing payment.
Calculate your monthly mortgage payment and explore the impact of prepayments.
Estimate your adjustable mortgage payments, accounting for interest rate changes to plan for future payment adjustments.
Loans
Assess your potential to qualify for a loan by evaluating your income, debts, and credit information.
Calculate your interest-only payments and explore the benefits of additional principal payments on your equity line of credit.
Review your principal balances, total payments, and interest paid.
Auto
Determine whether leasing or buying a car is more cost-effective for you by comparing monthly payments and total net costs.
Determine your monthly car loan payment or purchase price and explore how different loan terms or down payments affect your payment.
Discover how much interest you can save and shorten your auto loan term by making extra payments.
Credit Cards & Debt
Consolidate your student loans and apply savings to accelerate the payoff of higher-interest debts.
Assess your total debt and estimate the time needed to pay it off, providing a solid foundation for your debt management plan.
Evaluate if using your home equity to consolidate debt is right for you.
Determine what it takes to pay off your credit card balance and adjust your repayment strategy.
Optimize your credit card debt distribution and maximize savings by evaluating balance transfers and interest rates.
Calculate the total cost of your debt, including interest and payoff time.
Determine how long it will take to pay off your credit cards by making only minimum payments.
See how investing your monthly payment savings from a consolidation loan can grow into a substantial nest egg over time.
Accelerate your debt payoff and apply extra payments towards your consolidated loan balance.
Tax
Estimates the taxes owed by self-employed individuals based on net earnings.
Determines the gross pay required to achieve a specified net paycheck by factoring in your payroll information and deductions.
Helps you estimate your paycheck by inputting your hourly wages, hours worked, and deductions.
Helps you project the future value of your estate and estimate potential estate taxes over the next ten years.
Helps low-income earners determine their eligibility and potential refund amount for the EIC.
An interactive tool that estimates your total taxes, potential refund, or amount owed to the IRS for the year.
Savings
Illustrates how consistent investments and compounding interest over time can effectively grow wealth.
Demonstrates how small changes can significantly boost your savings over time.
Evaluates how different interest rates and the timing of deposits can affect a savings strategy.
Helps develop or refine a long-term savings plan for children's education by estimating future costs and required savings.
Business
Determines the selling price needed to achieve a desired profit margin by inputting the wholesale cost and either the markup or gross margin percentage.
Optimizes inventory levels by determining how much stock to hold and when to reorder.
Provides insights into a business's solvency, liquidity, operational efficiency, and profitability.
Assess the cash flow generated by s business to ensure owners can meet obligations like payroll and loan payments.
Estimates the net present value (NPV) of future cash flows for a business.
Determines if consolidating debts into a single loan is beneficial.
Determine the number of product units that must be sold to cover costs and achieve zero profit.
Insurance
Evaluates how a variable annuity can contribute to long-term, tax-deferred growth in a retirement plan.
Assesses financial preparedness for potential long-term care expenses.
Estimates the future value of an HSA by adjusting contributions, expenses, and investment returns.
Determines the amount of life insurance needed by considering current assets, expenses, and income.
Personal Finance
Helps full-time students analyze income and expenses over an eight-month school year.
Evaluates the financial impact of adding or removing a spouse's income from a household.
Determines current net worth by calculating the difference between assets and liabilities.
Reconciles a checkbook by comparing a statement's ending balance with outstanding checks and deposits.
