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.
It’s July but the big fireworks are a victim of COVID-19. Although true, small local and personal fireworks will likely be everywhere as people adapt. That fireworks habit is ingrained in us so the fun will find a way. Another behavior or habit that’s ingrained into people is spending more time on “staycation” vacation plans than […]
Often people will have one-time “Income Events” and so planning and especially the tax aspects are the motivation. In these cases, you can consider setting up a Charitable Lead Trust (CLT) in order to receive an upfront income tax deduction. A person who has significant and unusual taxable income in a particular year can establish […]
A Donor Advised Fund or “DAF” is defined as “an account at a sponsoring organization, generally a public charity, where an individual can make a charitable gift to enjoy an immediate tax benefit and retain advisory privileges to disburse charitable gifts over time.” But what does that mean in practical terms? You can set […]
Charitable planning has always allowed some great tax benefits for clients with tax trapped assets, and the second benefit, the charitable deduction. What’s a tax trapped asset? Why is the charitable deduction the second benefit and not the first? What are the one-time 2020 rules? Well, that’s the point. Most people don’t understand why these […]
The people who have filed and paid too much tax again this year, as they did last year, almost always make themselves a promise that they “will do better from now on.” They will keep better records; maintain a mileage log. They will learn more about work options and increase their 401(k) or 403(b). They […]
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