This is a very timely article by the WSJ about how people are using their retirement plans to provide liquid funds to pay billsuntil the economy recovers. There are tax smart ways to access dollars in your plan. Read the full...
WITH STOCK MARKETS TUMBLING, RESIDENTS INCREASINGLY WORRIED OVER 401(K) AND RETIREMENT PLANS ANCHOR HUEL PERKINS: Many of us who invest in the stock market are feeling a little bit rattled right now. ANCHOR MONICA GAYLE: But is there a real reason to be...
New limits on retirement plans for 2017 Below we have a list of the most common Pension Plans Maximum SIMPLE contribution $12,500 Maximum SEP contribution $54,000 Maximum compensation for plan purposes is $270,000 Maximum monthly benefit for defined benefit plans...
Stop Overpaying Your Business Taxes by Hundreds of Thousands of Dollars per year! Business owners do not realize that buried somewhere in their tax return is the most powerful tool to increase their business cash flow. That tool is called a depreciation...
Why You Should Love Your Stinkers We have had quite a few emails and calls about the 9 Ways to Reduce Your Taxes attachment in the November newsletter. Most of the questions were about the “wash sale” rule typically used in selling stocks so let’s spend some more time...
The Oct 15th extended personal tax return deadline is looming, so if you haven’t filed yet you need to cancel this weekend’s plans and get to it!! Many people in Florida will learn an unfortunate lesson after being punched in the head by Hurricane Matthew as they are...
Married Couples and Property Mary was a surviving spouse. She and her first spouse, Ryan owned a lovely home and placed it into joint tenancy with right of survivorship. After Ryan passed away, Mary met Logan and they were married. Because she had the house in joint...
Howard and Lynn were age 55 when they purchased some land outside of town. They thought it would be a good investment that they could later sell for a higher price. Over the years, development from town has moved toward the property and their land is now next to a...
Fixed Income for Retirement After working for decades as a pediatrician in a small rural town, Patricia was ready to retire. Patricia: I bought some stock a number of years ago and overall this was a good investment for me. However, I was uncertain about leaving my...
With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter. The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great. Time to fill up your oil tanks before the price change, and...
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Tax Planning & Preparation
Minimize both your current and future tax liabilities.
All around the country, there are people in an absolute panic because the real tax deadline for personal tax return extension filers is approaching and they are running out of time. A few blogs ago, we talked about how to possibly deal with not being ready for the corporate deadline on September 15th . We don’t have an amusing anecdote […]
First, let us make it clear that we aren’t saying that your CPA or accountant is doing anything wrong. The accounting industry is one of the most honorable and respected fields around. That being said, there is a misconception that they are going to be proactive when advising clients about their taxes, and that’s just […]
With Labor Day here, what tax planning should I think about before the fourth quarter is in full swing? The biggest mistake a business can make is not knowing their true numbers. The biggest mistake individuals can make is thinking they aren’t affected financially just because they “made it” and are back to work. Business […]
With the COVID-19 pandemic, many people who worked in an office have suddenly found themselves being asked to work from home for safety reasons. Many remote workers, especially those no longer commuting to cities, wonder if they will have to pay taxes where they were working, or at home, or both. States use several factors […]
Many times business owners have come into our office and with our help have found that they were doing things incorrectly regarding their bookkeeping and taxes. Occasionally, the errors add to the tax burdens that they have been underreporting. That never feels good, but it is always better to fix those issues pre-audit. Often, errors […]
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