Anyone whose estate plan includes one or more trusts should review them before filing an income tax return. And those who have already filed should look carefully at how their trusts were affected. This article explains that trusts can be subject to the highest tax...
Now more than ever, small business owners need to double-check their tax returns before filing. Why? Because many of the changes ushered in by the Tax Cuts and Jobs Act take effect with the 2018 tax year. This brief article notes some important revisions....
This calendar notes important tax deadlines for the second quarter of 2019....
As the 2018 tax-filing season heats up, investors need to consider whether their objectives have changed and how the state of their portfolios will impact their tax liability. This article discusses important issues such as dividends and timing. A sidebar looks at why it’s important...
Whether they’re planning to claim charitable deductions on a 2018 return or make donations for 2019, it’s important for taxpayers to know how much they’re allowed to deduct. This article provides details on different types of charitable gifts and discusses concepts to consider when planning...
Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs to be depreciated over a much longer period. This article explores...
It may sound too good to be true, but there may be valuable unclaimed property out there for just about anyone. This brief article offers tips on how to start looking and what to do if one discovers unclaimed property in his or her name....
Contrary to popular belief, no federal law prohibits multiple states from collecting tax on the same income. This article raises some important points to keep in mind for those who maintain residences in more than one state (or may soon do so). A sidebar looks...
Simplified Employee Pension (SEP) plans can be flexible and, well, simple vehicles that small businesses can use to offer retirement benefits to employees. This article explains how they work and reminds readers that there’s still time to set one up to benefit on a 2018...
Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...
Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. This brief article explores a debt-reduction approach called “throwing snowballs,” which involves organizing debts from lowest to highest balance and knocking them down...
Many people will eventually need to transfer ownership of real estate, a family business or some other asset expected to appreciate dramatically in the future. In such cases, an installment sale may be a viable option. This article explains under what circumstances this strategy should...
Inventory is expensive, so it needs to be as lean as possible. Businesses need to find ways to trim the fat from inventory without compromising revenue and customer service. This article has some suggestions, including using inventory ratios for benchmarking and reviewing product mix....
The Tax Cuts and Jobs Act made many changes to tax breaks for individuals. This article looks at some specific areas to review as one lays the groundwork for filing a 2018 tax return: personal exemptions, the standard deduction and the child credit....
As tax season ramps up, so do the efforts of scam artists looking to steal older people’s financial data and money. This article offers seven ways to prevent elder financial abuse....
This calendar notes important tax deadlines for the first quarter of 2019....
Intrafamily loans can provide family members with financial support and encourage children to learn financial responsibility, all without diminishing one’s “nest egg.” But there are risks to consider. This article explains how an intrafamily loan should work and what to watch out for....
When is a loss actually a gain? When that loss becomes an opportunity to lower tax liability, of course. This article discusses the tried-and-true strategy of using capital losses to counter the potentially costly impact of capital gains....
Smart timing of deductible expenses can reduce tax liability, and poor timing can unnecessarily increase it. One deductible expense that taxpayers may be able to control is their property tax payments. This article examines the prospect of prepaying property taxes that relate to this year...
Many businesses find themselves short-staffed from Thanksgiving through December 31 as employees use, rather than lose, their remaining paid time off (PTO). One way to curtail this dilemma is a PTO contribution arrangement, whereby unused vacation hours are converted to retirement plan contributions. This brief...
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts. But traditional taxable accounts may still make more sense for certain investments. This article discusses the difference between “taxable” and “tax-advantaged” and which vehicles tend to work the best where. A sidebar...
Many people reach a point in life when buying some life insurance is highly advisable. Once they determine that they need it, the next step is calculating how much they should get and what kind. This article discusses both points....
Taxpayers age 50 or older on December 31 of any given year can start making “catch-up” contributions to their employer-sponsored retirement plans by that date. These are additional contributions to certain retirement accounts beyond the regular annual limits. This article serves up reminders regarding the...
The last month or so of the year offers accrual-basis businesses an opportunity to make some timely moves that might enable them to save money on their 2018 tax bills. This brief article offers a variety of timely tips to consider....
The “Sandwich Generation” consists of those individuals who are currently taking care of their children and their elderly parents. This article covers some critical steps to take when incorporating an elderly parent’s needs into an adult child’s estate plan....
Nonqualified deferred compensation plans pay executives at some time in the future for services currently performed. Of course, in the hectic course of the average exec’s schedule, keeping up with the details isn’t always easy. This article explains how these plans differ from qualified plans...
Sponsors of defined benefit plans — commonly known as pensions — might be facing tighter scrutiny from the DOL. Just last year, the agency’s Employee Benefits Security Administration ramped up pension audits in its Philadelphia office and later decided to do so elsewhere. This article...
Among the biggest tax perks of buying a home is the ability to deduct mortgage interest payments. But this deduction has undergone some changes recently, so taxpayers may need to do some catching up. This brief article explains how the tax break has changed....
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if children still have many years until heading off to college, is a Section 529 plan. This article explains why...
The TCJA didn’t eliminate the individual AMT. But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. This article explains why. A sidebar warns higher-income...
