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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THE TAX COST OF DIVORCE HAS RISEN FOR MANY

By | September 9th, 2019|Accounting and Auditing, Estate planning|

Are you divorced or in the process of divorcing?  If so, it’s critical to understand how the Tax Cuts and Jobs Act (TCJA) has changed the tax treatment of alimony.  Unfortunately, for many couples, the news isn’t good – the tax cost of divorce has risen. WHAT’S CHANGED Under previous rules, a taxpayer who paid [...]

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ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

By | July 8th, 2019|Accounting and Auditing, Estate planning, Taxation|

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the [...]

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ARE INCOME TAXES TAKING A BITE OUT OF YOUR TRUSTS?

By | April 29th, 2019|Accounting and Auditing, Estate planning|

If your estate plan includes one or more trusts, review them before you file your tax return.  Or, if you’ve already file it, look carefully at how your trusts were affected. Income taxes often take an unexpected bite out of these asset-protection vehicles. 3 WAYS TO SOFTEN THE BLOW For trusts, there are income thresholds [...]

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