Year-End 2023Dear Clients and Friends,What a wonderful year it has been. With it coming to a close, it is extremely important to analyze your taxes for 2023 and prepare for 2024. This is the time of year to tie up the loose ends and implement tax-saving strategies to avoid any surprises on April 15th. [...]
NOTE: This newsletter is issued annually to provide you with information about preparing for and minimizing your taxes. Do not apply this general information to your specific situation without additional details. Be aware that the tax laws contain varying effective dates and numerous limitations and exceptions that cannot be summarized easily. For details and [...]
The following information is very new and constantly changing but we wanted to provide it to you as quickly as we could. Please note the date of the post and recognize that each business is different in how this will or will not apply to them. We may not have the answers to all [...]
The IRS has changed the tax deadline to now be July 15, 2020. This means that tax returns do not need to be submitted and payments do not need to be made until July 15th. We encourage you to still file as soon as you can. If you owe you can still wait to [...]
The following information is very new and constantly changing but we wanted to provide it to you as quickly as we could. Please note the date of the post and recognize that each business is different in how this will or will not apply to them. We may not have the answers to all [...]
What the Tax Reform Act Means for You Congress has passed a tax reform act that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There are a lot of changes in the new act, which was signed into law on Dec. 22, 2017. You can [...]
Keeping Savings on Track with a Spousal IRA Being a stay-at-home mom or dad, or working part-time to help take care of the children, can make a big contribution to the balance and well-being of a family. Unfortunately, time out of the workforce could put the caregiving spouse at a disadvantage when it comes [...]
Retirement Plan Contribution Limits for 2018 The Internal Revenue Service issued the annual cost of living adjustments Thursday for 401(k) contributions, pension plans and other retirement-related matters. The contribution limit for workers who are enrolled in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has grown from $18,000 to $18,500. [...]
Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main Home. If the canceled [...]
Do I Need a Living Trust? Assets placed in a revocable living trust go directly to your heirs when you die, bypassing the sometimes lengthy and costly process of probate. That can make a living trust a valuable estate planning tool if, for example, you plan to disinherit one of your children or leave [...]
