There are perfectly legal ways to defer capital gains tax and reduce your overall tax burden. Those of you who own highly appreciated assets such as homes, businesses, commercial and residential real estate, even high value collectables, are often reluctant to sell that asset because of the capital gains tax and depreciation recapture costs associated […]
The Practicality of Estate Planning You work hard to provide for your family, pay for your child’s college tuition, and ensure your family lives a good life. Wouldn’t you want to make sure that still happens when you’re no longer there? A well-thought-out estate plan can help accomplish that goal. Estate planning seems like a […]
Are you age 50 or older? If so, you can currently make extra “catch-up” contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant difference in your retirement-age wealth. Unfortunately, many people are unaware of this retirement savings bonus. Here’s what you need to know to reap the benefits. The […]
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– Revamped Repeal of the ACA Penalty for Individuals The Affordable Care Act (ACA) requires individuals to pay a penalty if they aren’t covered by a health plan that provides at least minimum essential coverage. That penalty is also known as the “shared responsibility payment.” Unless an exception applies, the penalty is imposed for any […]
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The most immediate concrete change the Tax Cuts and Jobs Act (TCJA) will bring about for employers is new payroll tax withholding rates. Here’s the latest word from the IRS: “We anticipate issuing the initial withholding guidance in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits of the change […]
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Winter can be a busy time for travel. Snowbirds try to escape the cold. Grandparents long to visit loved ones in distant cities. Jetsetters want to ring in the New Year in a memorable locale. Regardless of the season, travel brings photo opportunities that are prime for posting on Facebook, Twitter, Instagram and other social […]
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The new tax reform law — commonly referred to as the “Tax Cuts and Jobs Act” (TCJA) — is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation. Fortunately, your tax advisors can help you figure things […]
President Trump and Republican members of Congress say the Tax Cuts and Jobs Act (TCJA) will bring $3.2 trillion in tax cuts. Now that the bill has passed, everyone wants to know how much they’ll save. Unfortunately, the tax bill won’t be good news for everyone. Here’s a comparison of how tax results for a […]
As year end approaches, you may be thinking about making some charitable donations. Here’s a rundown of the potential tax breaks for your generosity. Donating Clothing and Household Items When it comes to your old clothes, furniture, linens, electronics, appliances, and the like, the general rule is that you can claim deductions only for items in […]
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As 2017 winds down, it’s time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted. Even if all goes according to the GOP timeline, the changes generally won’t take […]
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