YOUR ESTATE PLAN: DON’T FORGET ABOUT INCOME TAX PLANNING

By |2023-07-24T09:48:34-04:00August 7th, 2023|Accounting and Auditing, Estate planning, Retirement, Uncategorized|

As a result of the current estate tax exemption amount ($12.92 million in 2023), fewer people are concerned with federal estate tax.  Before 2011, a much smaller dollar amount resulted in many people scrambling to avoid estate tax.  Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving [...]

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BE PREPARED FOR TAXES ON SOCIAL SECURITY BENEFITS

By |2023-03-29T14:54:46-04:00April 17th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Whether you’ve filed your 2022 tax return or soon will, one thing you don’t want to experience is a surprise.  Many older people are caught off guard when they find that their Social Security benefits may be taxable.   How much might you have to pay? That depends on your other income.  If you’re taxed, [...]

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RECONSIDERING YOUR PERSONAL EMERGENCY FUND

By |2023-03-29T14:47:46-04:00March 29th, 2023|Accounting and Auditing, Estate planning, Taxation|

Back in 2020 when the COVID-19 pandemic first hit, may people’s emergency funds were suddenly put to the test – assuming there was a fund at all.  Now, three years later, and presumably with the benefit of some hindsight, you might want to reconsider your rainy-day savings.  You’ve probably heard that, to guard against an [...]

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MOVING OUT OF STATE? LEARN ALL THE TAX IMPLICATIONS FIRST

By |2023-01-18T15:30:30-05:00February 15th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

With so many people working remotely these days, it’s become common to think about moving to another state – perhaps for better weather or to be closer to family.  Many retirees also look at an across-the-border move to better control living expenses.  If you’ve found yourself harboring such notions, be sure to consider taxes before [...]

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ARE YOU AT RISK OF RETIREMENT PLAN LEAKAGE?

By |2022-12-19T15:21:04-05:00January 16th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Generally, the term “leakage” has negative connotations.  So, it’s not surprising that the same is true in the context of retirement planning, where leakage refers to pre-retirement early withdrawals from a retirement account.  Now, as a business owner who sponsors a qualified retirement plan, you might say, “Well, that’s my participants’ business.  Not mine.”   [...]

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TALKING ABOUT THE “SANDWICH GENERATION”

By |2022-11-21T15:19:50-05:00November 21st, 2022|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.  These days the term applies to whichever generation is grappling with the problem.  If you’re in the middle of the sandwich, it may be time for some honest discussions with the other parties about [...]

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