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.
We are nearing the October filing deadline, so all the crying is almost over for last year’s tax return submissions. We’ve blogged throughout the summer on various topics, but now you’re down to a few weeks to effectively do 90% of what can be done to affect your current year tax liability. Only a few things can […]
This last wave of tax filers are quite often the most productive people in our economy. Many are business owners, some with more than one business, or at least in some ways just have a lot going on, which means they usually add and not subtract from the tax base. That said, if your taxes […]
Don’t let your stockbroker off the hook when it comes to tax planning. Many people work with brokers when they buy and sell stocks. Many people now, because of the internet, also have become their own stockbrokers, doing their own research and trading on various platforms. Whether you use a professional or do your trades yourself, you […]
Tax Doctor