THE MARRIAGE PENALTY STILL EXISTS UNDER THE TCJA

By | June 22nd, 2020|Estate planning, Taxation, Uncategorized|

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers.  This is the “marriage penalty.” Unfortunately, this hasn’t gone away under the Tax Cuts and Jobs Act (TCJA).  For example, through 2025, the TCJA [...]

Comments Off on THE MARRIAGE PENALTY STILL EXISTS UNDER THE TCJA

THE 2019 GIFT TAX RETURN DEADLINE IS ALMOST HERE, TOO

By | March 2nd, 2020|Accounting and Auditing, Business, Estate planning, Retirement|

Most people have April 15 “tattooed on the brain” as the deadline for filing their federal income tax returns.  What you may forget is that the gift tax return deadline is one the very same date.  So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re [...]

Comments Off on THE 2019 GIFT TAX RETURN DEADLINE IS ALMOST HERE, TOO

ACCOUNTING FOR THE NEAR AND THE LONG TERM IN A FAMILY BUDGET

By | February 29th, 2020|Estate planning, Uncategorized|

A wise person once said, “Simplicity is the key to a family budget.” (He or she may or may not have been an accountant.)  However, it also needs to be comprehensive enough to cover all necessary items.  To find the right balance, a budget should cover two distinct facets of family members’ lives: the near [...]

Comments Off on ACCOUNTING FOR THE NEAR AND THE LONG TERM IN A FAMILY BUDGET

CAREFUL TAX PLANNING REQUIRED FOR INCENTIVE STOCK OPTIONS

By | February 17th, 2020|Accounting and Auditing, Business, Estate planning, Retirement, Uncategorized|

Incentive stock options (ISOs) are a popular form of compensation for executives and other key employees.  They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date.  If the stock appreciates, you can buy shares at a [...]

Comments Off on CAREFUL TAX PLANNING REQUIRED FOR INCENTIVE STOCK OPTIONS

DO YOU KNOW YOUR TAX BRACKET?

By | January 27th, 2020|Accounting and Auditing, Business, Estate planning, Taxation|

Although the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates through 2025, there’s no guarantee you’ll receive a refund or lower tax bill.  Some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks.  For this reason, it’s important to know your bracket. Some single [...]

Comments Off on DO YOU KNOW YOUR TAX BRACKET?

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 [...]

Comments Off on LIVING THE DREAM OF EARLY RETIREMENT