HANDLE RETIREMENT PLAN ROLLOVERS WITH CARE

By | January 6th, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

Because of the COVID-19 pandemic and other reasons, job upheaval has become common among Americans over the past year or so.  If you may soon change employers, handle your retirement plan with care. LEAVE AS IS If your plan with your previous employer has a balance of at least $5,000, it must allow you the [...]

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APPRAISAL AREN’T JUST FOR BUSINESSES ANYMORE

By | December 13th, 2021|Accounting and Auditing, Business, Estate planning, Retirement, Taxation, Uncategorized|

Whether you’re in the process of making a retirement or estate plan, or intend to donate property to charity, you’ll need to know the value of your assets.  For many hard-to-value items – such as closely held business interests, real estate, art of collectibles – an appraisal may be necessary. RETIREMENT AND ESTATE PLANNING To [...]

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ONE-TIME THING: IRA TO HSA TRANSFERS

By | November 15th, 2021|Accounting and Auditing, Business, 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. Ordinarily, if you have an IRA and an HSA, it’s typically a good idea to contribute [...]

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IS DISABILITY INCOME TAXABLE

By | November 1st, 2021|Accounting and Auditing, Estate planning, Retirement, Uncategorized|

Many Americans receive disability income.  If you’re one of them or know someone who is, you may wonder whether it’s taxable.  As is often the case with tax questions, the answer is “it depends.” KEY FACTOR The key factor is who paid it.  If the income is paid directly to you by your employer, it’s [...]

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DON’T GET BLOWN AWAY BY A WINDFALL

By | October 18th, 2021|Accounting and Auditing, Estate planning, Taxation, Uncategorized|

Receiving a sudden and sizable influx of cash may seem like a dream come true.  It can be, but many people get blown away by a windfall and end up in worse financial shape. RISKY CONDITIONS Perhaps the most obvious example is you may be tempted to immediately buy an expensive new car or home.  [...]

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THE CURRENT STATE OF ESTATE PLANNING

By | September 7th, 2021|Accounting and Auditing, Estate planning, Retirement, Taxation|

Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. Years ago, a much smaller exemption amount put more pressure on estate plans to avoid it.  Now that many estates won’t be subject to estate tax, you can devote more energy [...]

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