Tax Planning

Year-end Financial Checklist for Working Professionals


Set yourself up for success in the new year with a financial checkup.  Here are some essential year-end tax, planning, and financial housekeeping items to consider.   If you need help, don't hesitate to contact us.    Maximize  contributions to tax-advantaged retirement savings accounts including 401(k), HSA, or IRA accounts. Reduce taxes by offsetting capital gains [...]

Year-end Financial Checklist for Working Professionals2018-12-17T23:44:10+00:00

Why You Might Want to Create a Donor-Advised Fund


A DAF can be a great way to give, with potentially great tax breaks. Do you regularly donate to charities and other non-profit organizations? Then you may want to open a donor-advised fund.   Donor-advised funds are becoming popular. It is easy to see why. They offer potential tax perks, and in some instances, a [...]

Why You Might Want to Create a Donor-Advised Fund2018-11-07T15:06:32+00:00

Tax Changes That May Be Overlooked


Some alterations to the Internal Revenue Code were less publicized than others.  Late last year, federal tax laws underwent sweeping changes. Nearly a year later, you can be forgiven for not keeping up with them all. Here is a look at some important (yet underrecognized) adjustments that may affect the numbers on your 2018 federal [...]

Tax Changes That May Be Overlooked2018-10-19T15:47:17+00:00

When Is Social Security Income Taxable?


To find out, look closely at two factors.    Your Social Security income could be taxed. That may seem unfair or unfathomable. Regardless of how you feel about it, it is a possibility.   Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above a certain yearly income level [...]

When Is Social Security Income Taxable?2018-10-12T14:05:40+00:00

Your 2018 Financial To-Do List


  Things you can do for your future as the year unfolds. What financial, business, or life priorities do you need to address for 2018? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to lowering your taxes. You [...]

Your 2018 Financial To-Do List2017-12-13T14:31:54+00:00

Tax Rules on Rental Property


The basics on capital gains & deductions.   Buying or selling income property has definite tax consequences. A taxpayer should clearly understand them, whether he or she intends to acquire a property or put one on the market.   A sale of income property incurs either a capital gain or loss. If you profit from [...]

Tax Rules on Rental Property2017-04-12T19:47:30+00:00

When Someone Dies Without a Will


Where do things proceed from that point?   Every day, people die intestate. In legalese, that means without a will. This opens the door for the courts to decide what happens with their estates.   When no valid will exists, state intestacy laws dictate how assets are distributed. These laws divide an estate evenly (or [...]

When Someone Dies Without a Will2017-04-07T17:57:59+00:00

What to Do Financially When a Spouse Dies


Steps to see that financial matters remain in good order. When a spouse passes away, the emotion and magnitude of the loss can send our lives reeling. This profound change can also affect our finances. All at once, we have a to-do list before us, and the responsibility of it can make us feel pressured. [...]

What to Do Financially When a Spouse Dies2016-11-02T14:20:17+00:00

Consider an IRA Charitable Rollover


If you want a tax break and want to help a non-profit, this may be a good move.   Have you ever wanted to make a major charitable gift? Would you like a significant federal tax break in acknowledgment of that gift? If so, an IRA charitable rollover may be a good financial step to [...]

Consider an IRA Charitable Rollover2016-04-19T17:30:10+00:00

Should You File Jointly, Or Not?


For many married couples, filing jointly is a good idea, but there are exceptions.   Ninety-five percent of married couples file joint federal tax returns. Filing jointly can be convenient. Frequently, there’s a financial advantage, but that does not mean it should be done without consideration.1 Years ago, there was less incentive to file jointly. [...]

Should You File Jointly, Or Not?2016-02-19T13:24:23+00:00