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...
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....
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...
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...
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...
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...
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.”...
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...
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....
Virtually everyone has a credit and debit card these days. But many people still live in fear of these plastic necessities because they’re unfamiliar with the fine print of the arrangements involved. This article explores the potential liability of both credit and debit cards, and...
The clock is ticking down to the tax filing deadline. The good news is that individuals may still be able to save on their impending 2017 tax bills by making contributions to certain retirement plans. This article looks at deadlines, limits and phaseout ranges for...
Keeping up with the complexity of the Internal Revenue Code is challenging enough for employed individuals. But for owner-employees, the difficulty level is particularly high. This article explains how your business structure determines the rules you must abide by....
Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. This brief article offers four tips to help such partners better manage the situation....
Businesses with employees headed for retirement can provide a helpful service by educating these workers on rules regarding required minimum distributions (RMDs). If violated, these rules could trigger hefty penalties. This article explains RMD requirements for IRAs and 401(k)s. A sidebar looks at other RMD...
Given the astronomical cost of college, even well-off parents should consider applying for financial aid. A single misstep, however, can harm a child’s eligibility. This article looks at five common mistakes....
What, if any, role life insurance should play in one’s financial plan depends on a variety of factors. This article examines some of those factors, including whether a person has dependents and his or her net worth....
Many people who accumulate frequent flyer miles assume that these valuable rewards aren’t taxable. This brief article explores the validity of this assumption....
A well-crafted, up-to-date estate plan is an imperative for everyone. It can truly help ease the burdens on your family during a difficult time. This article looks at wills, living trusts and other important documents....
Estimated tax payments are required by self-employed individuals and sometimes those with income from interest, rent or dividends. Mishandling these payments could trigger penalties. This brief article offers three strategies for getting it right....
As its market and technological needs evolve, every company needs to change. At some point in the existence of many companies, the organization needs to go beyond change to transformation. This article examines the difference between the two concepts and how to go about transforming...
Owners occasionally borrow funds from their businesses. This article explains the importance of treating these transactions as bona fide loans and charging an “adequate” rate of interest. It also provides a list of factors the IRS considers when evaluating corporate advances to shareholders....
Disaster planning is usually associated with businesses. But individuals need to be prepared, too. This brief article covers five keys to such planning — insurance, asset documentation, document storage, cash and an emergency plan....