Do your tax strategies need a refresh? The best tax planning strategies for you will evolve as your situation changes, whether due to life events, economic developments or new tax laws.

By |2023-12-21T11:13:52-05:00December 21st, 2023|Accounting and Auditing, Business, Estate planning, Taxation|

As the year draws to a close, it is important to assess your financial situation and consider strategies to optimize your tax position for the upcoming tax season.  This year-end tax planning guide serves to help you make informed decisions that can positively impact your tax liability. Year-End Tax Planning Steps: Individual Planning: Take a [...]

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ONE-TIME THING: IRA TO HSA TRANSFERS

By |2023-10-26T09:22:36-04:00November 20th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? According to the IRS, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as [...]

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DON’T GET CARRIED AWAY BY A WINDFALL

By |2023-09-25T10:27:03-04:00October 16th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Receiving a sudden and sizable influx of cash may seem like a dream come true.  It can be, but many people get carried away by a windfall and end up in worse financial shape.  If you’re hit with a financial windfall, here are some points you should know.   RISKY CONDITIONS Perhaps the most obvious [...]

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THE DEDUCTIBILITY OF MEDICAL EXPENSES

By |2023-09-25T10:24:19-04:00October 9th, 2023|Accounting and Auditing, Retirement, Taxation|

Individual taxpayers may be able to claim medical expense deductions on their tax returns.  However, the rules can be challenging, and it can be difficult to qualify.  Here are five points to keep in mind: You must itemize to claim the deduction and have quite a few expenses. The medical expense deduction can only be [...]

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SAFEGUARDING YOUR CRITICAL DOCUMENTS

By |2023-08-29T11:29:38-04:00September 25th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

So many of the documents we all use in our personal lives these days are digital.  However, there are still many that you should retain as hard copies.  These include:   Birth, marriage and death certificates Social Security cards Tax returns Passports Estate planning documents, such as deeds and wills   Be sure to safeguard [...]

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AN “INNOCENT SPOUSE” MAY BE ABLE TO ESCAPE TAX LIABILITY

By |2023-09-05T09:28:24-04:00September 5th, 2023|Accounting and Auditing, Taxation, Uncategorized|

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income.  That means the IRS can pursue either spouse to collect the entire tax – not just the part that’s attributed to one spouse or the other.  This includes [...]

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