11
Jan
TAX CALENDAR
This calendar notes important tax deadlines for the first quarter of 2019....
09:00 /
Taxes
28
Dec
AN INTRAFAMILY LOAN IS WORTH CAREFUL CONSIDERATION
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....
21
Dec
USE CAPITAL LOSSES TO OFFSET CAPITAL GAINS
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....
14
Dec
ACCELERATING YOUR PROPERTY TAX DEDUCTION TO REDUCE YOUR TAX BILL
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...
07
Dec
IS A PTO CONTRIBUTION ARRANGEMENT RIGHT FOR YOUR BUSINESS?
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...
09:33 /
Budgeting
30
Nov
TAXABLE VS. TAX-ADVANTAGED: WHERE TO HOLD INVESTMENTS
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...
23
Nov
IS NOW THE TIME FOR SOME LIFE INSURANCE?
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....
19
Nov
GETTING CAUGHT UP WITH THE LATEST CATCH-UP CONTRIBUTIONS
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...
12
Nov
YEAR-END TAX STRATEGIES FOR ACCRUAL-BASIS BUSINESS
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....
29
Oct
ARE YOU A MEMBER OF THE SANDWICH GENERATION
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....
22
Oct
AVOID PENALTIES BY ABIDING BY THE NQDC TAX RULES
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...
15
Oct
DOL HAS INCREASED SCRUTINY OF DEFINED BENEFIT 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...
12
Oct
CATCHING UP WITH THE HOME MORTGAGE INTEREST DEDUCTION
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....
05
Oct
STUDY UP ON THE TAX ADVANTAGES OF A 529 SAVINGS PLAN
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...
28
Sep
TCJA DRAWS A SILVER LINING AROUND THE INDIVIDUAL AMT
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...
24
Sep
HOW SPOUSE-OWNED BUSINESSES CAN REDUCE SELF-EMPLOYMENT TAXES
Spouses who own profitable, unincorporated businesses often find the high self-employment (SE) tax bills burdensome. Fortunately, there may be ways to ease that burden. This article suggests two ways that spouse-owners can lower their tax bills....
17
Sep
WHEN IS BARTERING TAXABLE?
The notion of bartering may conjure an image of a crowded, bustling medieval bazaar. But these types of transactions continue to occur in today’s high-tech modern world. This brief article discusses whether and when bartering is taxable....
27
Aug
TAKE NOTE OF THE DISTINCTIVE FEATURES OF ROTH IRA
For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs. However, it’s important to make the right choice. This article discusses the distinctive features of Roth IRAs. A sidebar notifies readers of an important...
20
Aug
ASSESSING YOUR EXPOSURE TO THE ESTATE TAX AND GIFT TAX
Every taxpayer with a high degree of wealth shouldn’t let estate tax liability or gift tax liability take their heirs by surprise. This article provides the latest info on estate and gift tax exclusions and exemptions, and explains how to help forecast one’s estate tax...
10
Aug
LLC AND LLP OWNERS SHOULD BEFRIEND THE PAL RULES
The IRS has treated owners of LLCs and LLPs as limited partners for purposes of the passive activity loss rules. This could be a tax negative. As this article explains, however, LLC and LLP owners can now be treated as general partners, which means they...
30
Jul
DON’T LET THE KIDDIE TAX PLAY COSTLY GAMES WITH YOU
It’s not uncommon for parents, grandparents and others to make gifts to minors and college students. When considering this idea, taxpayers must beware of the kiddie tax. This tax trap could leave them liable for a substantial amount of tax dollars that they may never...
25
Jul
4 QUESTIONS TO ASK BEFORE HIRING HOUSEHOLD HELP
When someone hires household help — such as an in-home caregiver, gardener or personal chef — that individual may become an employer. With employer status comes a variety of specific tax obligations. This article explores four questions that everyone should ask before saying, “You’re hired.”...
23
Jul
ESOPS OFFER BUSINESS TAX AND OTHER BENEFITS
Every business owner wishes his or her employees worked as if they owned the company. An employee stock ownership plan (ESOP) can make that a reality while offering tax breaks and a smoother path for succession planning. This article discusses how ESOPs work and their...
09:00 /
Taxes
09
Jul
RETIREMENT PLAN OPTIONS FOR BUSINESS OWNERS
Business owners often have most of their money tied up in their companies, making saving for retirement especially challenging. Those who haven’t already set up a tax-advantaged retirement plan should think about setting one up this year. This brief article offers up a few options...
02
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2018....
09:00 /
Taxes
25
Jun
HOW TO BE TAX-SMART WHEN IT COMES TO MUTUAL FUNDS
Many people overlook tax considerations when planning their mutual fund investments. This article examines four techniques investors might consider, including avoiding year-end investments and investing in tax-efficient funds, if their portfolios include mutual funds. A sidebar explains how to account for cost basis....
18
Jun
DEDUCTING HOME EQUITY INTEREST UNDER THE TAX CUTS AND JOBS ACT
Passage of the Tax Cuts and Jobs Act has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying the rules surrounding the deductibility of home equity interest. This article compares the old rules to these new ones....
11
Jun
3 COMMON TYPES OF IRS TAX PENALTIES
Around this time of year, many people have filed and forgotten about their 2017 tax returns. But one could get an abrupt reminder in the form of an IRS penalty. This article discusses three common types and how to seek relief....
01
Jun
BEWARE OF TAX TRAPS WHEN MAKING AN EMPLOYEE A PARTNER
In today’s competitive employment market, a business organized as a partnership may want to promote an employee to a full partner. This brief article advises caution before acting, explaining some of the potential tax traps of doing so....
28
May
DO YOU HAVE YOUR OWN WEALTH MANAGEMENT PLAN?
Everyone should have a wealth management plan. But taking a boilerplate approach could prevent you from achieving your specific goals. This article raises some key points to consider when devising a truly customized plan....