Whether your taxes are simple or complex, it might be wise to hire an accountant to do your taxes and get the most out of your money.
A brief tax guide and update for 2019 As you might have heard in the news recently, the Tax Cuts and Jobs Act (TCJA) was passed at the end of 2017 and many taxpayers are now filing their first return under the new tax regime. The TCJA was enacted with four goals: tax relief for [Learn more…]
The US House and Senate are considering extensive income tax reform. The table below outlines current law and the bills for each chamber as they were at the close of business on Monday, December 4, and provides indications of the bill that has emerged as the “final deal” on Wednesday, December 13. While this “final [Learn more…]
Many advisors tout the benefits of a “tax-free income” in retirement for those individuals with a Roth IRA. More important than tax-free income in retirement is the goal of reducing your lifetime tax burden by shifting income from one year to another through a Roth conversion. With the December 31st deadline for 2017 Roth conversions [Learn more…]
In my last newsletter article, I looked at how to save for medical expenses using a health savings account (HSA). In this companion article, I’ll focus on another type of savings account called a flexible spending account. These plans are designed to help employees save for certain qualified expenses using pre-tax dollars. Although you may [Learn more…]
Charitable giving truly is the gift that keeps on giving. In addition to the positive feelings you get from giving to a needy charity, a charitable gift can reduce your taxes. In this article I’ll show you how planned giving, which takes into account how your income (and therefore tax brackets) change over time, can [Learn more…]
If you make, or are planning to make, a charitable gift, and you have a brokerage account with appreciated securities, you might be better off donating those securities directly to your charity than making a cash gift of the same amount. In this article, I’ll describe how a charitable gift reduces taxable income. Then I’ll [Learn more…]