WHEN IS EMPLOYER-PROVIDED LIFE INSURANCE TAXABLE?

By | August 1st, 2022|Accounting and Auditing, Estate planning, Retirement, Uncategorized|

If your company benefits include group term life insurance paid by your employer, a portion of the premiums paid for the coverage may be taxable.  Depending on the amount of coverage you’re provided, some of it may create undesirable income tax consequences for you. The cost of the first $50,000 of group term life insurance [...]

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MEDICARE PREMIUMS MAY LOWER YOUR TAXES

By | July 25th, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

Do you pay premiums for Medicare health insurance? If so, you may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your individual tax return.  This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts [...]

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HELP PREVENT FINANCIAL SCAMS AIMED AT OLDER PEOPLE

By | June 27th, 2022|Accounting and Auditing, Retirement, Taxation|

In any season, scam artists are on the lookout for ways to steal financial data and money from vulnerable people.  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 help prevent elder financial abuse and fraud: Keep both [...]

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NONWORKING SPOUSES MAY STILL CONTRIBUTE TO AN IRA

By | June 20th, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation, Uncategorized|

Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home – perhaps so that spouse can take care of children or elderly parents.  In general, an IRA contribution is allowed only if a taxpayer earns compensation.  However, there’s an exception involving a [...]

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TO GET AN ‘EARLY’ REFUND, ADJUST YOUR WITHHOLDING

By | May 23rd, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

Each year, millions of taxpayers claim an income tax refund.  To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash.  But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your [...]

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AFTER FILING YOUR TAXES, WHAT RECORDS CAN YOU TOSS?

By | May 16th, 2022|Accounting and Auditing, Business, Retirement, Taxation|

If you’ve filed your 2021 tax return, you may want to do some spring cleaning, starting with tax-related paper clutter.  Paring down is good.  Just be careful to hold onto essential records that may be needed in the event of an IRS audit.  Some documents may be needed to help you collect a future refund [...]

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