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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WEIGH THE TAX IMPACT OF INCOME VS. GROWTH WHEN INVESTING

By | March 11th, 2019|Accounting and Auditing, Estate planning, Retirement, Uncategorized|

As the 2018 tax-filing season heats up, investors have much to consider.  Whether you structured your portfolio to emphasize income over growth – or vice versa, or perhaps a balance of the two – will have a substantial impact on your tax liability.  Let’s take a look at a couple of the most significant “big [...]

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THROWING SNOWBALLS AT YOUR MOUNTAIN OF DEBT

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

 Many people start the year intending to get out of debt, yet end the year owing just as much, if not more.  One approach that might yield success is called “throwing snowballs.” Under this method, you organize your debts from the lowest balance to the highest balance and begin paying off the debt on top [...]

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7 WAYS TO PREVENT ELDER FINANCIAL ABUSE

By | January 28th, 2019|Accounting and Auditing, Estate planning, Retirement|

As tax season ramps up, so do the efforts of scam artists looking to steal people’s financial data and money.  Such fraudulent activities often target older adults.  Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to prevent elder financial abuse: Keep both paper and online [...]

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Laying The Groundwork For Your 2018 Return

By | January 21st, 2019|Accounting and Auditing, Estate planning, Taxation|

The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals.  Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. PERSONAL EXEMPTIONS For 2018, through 2025, the TCJA suspends personal exemptions.  This will substantially increase taxable income for large families.  However, enhancements [...]

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Installment Sales A Viable Option For Transferring Assets

By | January 7th, 2019|Accounting and Auditing, Estate planning, Retirement, Taxation|

Are you considering transferring real estate, a family business or other assets you expect to appropriate dramatically in the future? If so, installment sale may be a viable option.  Its benefits include the ability to freeze asset values for estate tax purposes and remove future appreciation from your taxable estate. GIVING AWAY VS. SELLING From [...]

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