LIVING THE DREAM OF EARLY RETIREMENT

By | November 25th, 2019|Accounting and Auditing, Estate planning, Retirement, Taxation|

Many people dream of retiring early so they can pursue activities other than work, such as volunteering, traveling and pursuing their hobbies full-time.  But making this dream a reality requires careful planning and diligent saving during the years leading up to the anticipated retirement date. It all starts with retirement savings accounts such as IRAs [...]

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ACT NOW TO SAVE 2019 TAXES ON YOUR INVESTMENTS

By | November 18th, 2019|Accounting and Auditing, Estate planning, Retirement, Taxation|

Do you have investments outside of tax-advantaged retirement plan? If so, you might still have time to reduce your 2019 tax bill by selling some investments – you just need to carefully select which investments you sell. BALANCE GAINS AND LOSSES If you’ve sold investments at a gain this year, consider selling some losing investments [...]

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MAKING GIFTS TO LOVED ONES? DON’T FORGET TAX PLANNING

By | November 11th, 2019|Accounting and Auditing, Estate planning, Taxation|

Many people want to pass assets to the next generation during their lifetimes, whether to reduce the size of their taxable estates, to help family members or simply to see their loved ones enjoy the gifts.  If you’re considering lifetime gifts, be aware that the type of assets you give can produce substantially different tax [...]

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BUSINESS OWNERS, YOUR BAD DEBTS MAY BE DEDUCTIBLE

By | November 4th, 2019|Accounting and Auditing, Business, Taxation|

If you hold a business-related debt that’s become worthless or uncollectible, a “bad debt” deduction may allow you to cut your losses.  But there are a few hoops to jump through. BUSINESS OR NON-BUSINESS?   Business bad debts generate ordinary losses: non-business bad debts are reported as short-term capital losses.  The latter can be used only [...]

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MORTGAGE MATTERS: TO PAY DOWN OR NOT TO PAY DOWN

By | October 28th, 2019|Accounting and Auditing, Taxation|

If you’re a homeowner and manage your finances well, you might have extra cash after you’ve paid your monthly bills.  What should you do with this extra money?  Some would say make additional mortgage payments toward your principal to pay off your mortgage early.  Others would say: No, invest those dollars in the stock market! [...]

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IS “BUNCHING” MEDICAL EXPENSES STILL FEASIBLE IN 2019?

By | October 14th, 2019|Accounting and Auditing, Retirement, Taxation|

Some medical expenses may be tax deductible, but only if you itemize deductions and you have enough expenses to exceed the applicable floor for deductibility.  With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) made bunching such expenses beneficial for some [...]

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