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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IS “BUNCHING” MEDICAL EXPENSES STILL FEASIBLE IN 2019?

By | October 14th, 2019|Accounting and Auditing, Retirement, Taxation|

Some medical expenses may be tax deductible, but only if you itemize deductions and you have enough expenses to exceed the applicable floor for deductibility.  With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) made bunching such expenses beneficial for some [...]

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CONSIDER THE FLEXIBILITY OF A SELF-DIRECTED IRA

By | August 12th, 2019|Accounting and Auditing, Retirement|

Traditional and Roth IRAs can be relatively “safe” retirement-savings vehicles, depending on what they’re invested in.  But a drawback is that they limit your investment choices.  A self-directed IRA gives you more flexibility in your investment choices but comes with greater risk as well. GAINING MORE CONTROL A self-directed IRA is simply an IRA that [...]

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ENSURING YOUR LONG-TERM CARE POLICY IS TAX-QUALIFIED

By | July 1st, 2019|Accounting and Auditing, Retirement, Taxation|

A long-term care insurance policy supplements your traditional health insurance by covering services that assist you or a loved one with one or more activities of daily living.  Such activities include eating, bathing, dressing, toileting and transferring (in and out of bed, for example). Long-term care coverage is relatively expensive, but it may be possible [...]

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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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