WHY THE CHILD TAX CREDIT IS SO VALUABLE

By | February 1st, 2021|Estate planning, Taxation, Uncategorized|

If you’re a parent, or soon will be, you’re no doubt aware of how expensive it is to pay for food, clothes, activities and education.  Fortunately, the federal child tax credit is available to help many taxpayers with children under the age of 17, and there’s a dependent credit for those who are eligible with [...]

Comments Off on WHY THE CHILD TAX CREDIT IS SO VALUABLE

INTRAFAMILY LOANS AND A FAMILY BANK

By | December 14th, 2020|Accounting and Auditing, Estate planning, Retirement, Taxation|

Among the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death.  But what if you want to use that wealth to help a family member in need while you’re still alive?  This has become an increasingly common and pressing issue this year [...]

Comments Off on INTRAFAMILY LOANS AND A FAMILY BANK

CATCHING UP ON CATCH-UP CONTRIBUTIONS

By | November 16th, 2020|Accounting and Auditing, Estate planning, Retirement, Taxation|

When it comes to retirement planning, many people tend to focus on two things: opening a retirement savings account and then eventually drawing funds from it.  However, there are other important aspects to truly doing everything you can to grow your nest egg. One of them is celebrating your 50th birthday.  This is because those [...]

Comments Off on CATCHING UP ON CATCH-UP CONTRIBUTIONS

TALKING ABOUT THE SANDWICH GENERATION

By | October 26th, 2020|Accounting and Auditing, Estate planning, Retirement, Taxation|

The term “sandwich generation” was originally coined to describe Baby Boomers caught between caring for their aging parents and their children.  Now the term applies to whichever generation happens to be grappling with the problem.  If you’re in the middle part of the sandwich, one thing that can help is having one or more honest [...]

Comments Off on TALKING ABOUT THE SANDWICH GENERATION

THE PROS AND CONS OF NQDC PLANS

By | October 5th, 2020|Estate planning, Retirement, Uncategorized|

Nonqualified deferred compensation (NQDC) plan allow participants to set aside large amounts of tax-deferred compensation while enjoying the flexibility to schedule distributions to align with their financial goals.  However, the plans also pose substantial risks.  If your (or a prospective) employer offers an NQDC plan, or you’re considering one for your business, weigh the pros [...]

Comments Off on THE PROS AND CONS OF NQDC PLANS

COLLEGE SAVINGS SHOWDOWN: 529s VS ROTH IRAs

By | September 25th, 2020|Accounting and Auditing, Estate planning, Taxation|

Many people assume that a 529 plan is the ideal college savings tool, but other vehicles can help parents save for college expenses, too.  Take the Roth IRA, for example.  Whether you should use one or the other (or both) depends on several factors, including how much you intend to contribute and how you’ll use [...]

Comments Off on COLLEGE SAVINGS SHOWDOWN: 529s VS ROTH IRAs