Tax Preparation
Deciding When to Retire: When Timing Becomes Critical
Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you’ll need to estimate not only your anticipated expenses, but also what sources of retirement income you’ll have and how long you’ll need your retirement savings to last. You’ll need to take into account your life expectancy…
Read MoreTax Planning for the Self-Employed
Self-employment is the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you’re self-employed, you’ll need to pay your own FICA taxes and take charge of your own retirement plan, among other things. Here are some planning tips. Understand…
Read MoreTaxation of Investments
It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain? To determine…
Read MoreCharitable Giving
When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes. A few words about transfer taxes The federal government taxes transfers of wealth you make to others,…
Read MoreEstimating Your Retirement Income Needs
You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you’ll need to fund your retirement. That’s not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your…
Read MoreFinal Chance to Undo a 2017 Roth IRA Conversion
If you converted a traditional IRA to a Roth IRA in 2017 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo (recharacterize) your conversion. You have until October 15, 2018, to undo your 2017 conversion.* A recharacterization can help you avoid paying income tax on IRA…
Read MoreDesigning a Benefit Package for Your Small Business
One of the greatest benefits our clients have come to appreciate from us is the different shadow services we provide. While serving as a financial and tax advisor we get to see both sides of our clients personal finances. It helps us be better advisors. Some of the shadow services we provide clients include calculating…
Read MoreSocial Security Retirement Benefits
Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor, disability, and other benefits, retirement benefits are still the cornerstone of the program. How do you qualify for retirement benefits? When you work and pay Social Security taxes…
Read MoreHSA Deposit Limits for 2018-2019
The 2018 family maximum Health Savings Account contribution limit is $6,900. It has been widely reported, erroneously, that the limit remains at $6,850. The 2018 single maximum HSA deposit limit is $3,450. One financial planning strategy everyone can use is to allow your HSA balance to carryover from year to year and be invested in…
Read MoreThere’s Still Time to Contribute to an IRA for 2017
There’s still time to make a regular IRA contribution for 2017! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2017 ($6,500 if you were age 50 by December 31, 2017). For most taxpayers, the contribution deadline for 2017 is April 17, 2018. You can contribute to…
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