WEIGHING THE PROS AND CONS OF LTC INSURANCE

By |2023-08-29T11:03:18-04:00August 29th, 2023|Accounting and Auditing, Business, Estate planning, Uncategorized|

The COVID-19 pandemic and its aftermath have significantly affected our lives in many ways that are still playing out. For example, the pandemic has served as a reminder of how difficult an unexpected medical crisis may be to manage financially.  It has also reinforced the importance of guarding against the risk of such crisis before [...]

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COMPILING A MARITAL BALANCE SHEET IN DIVORCE

By |2023-07-24T09:58:40-04:00August 28th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation, Uncategorized|

Divorce is difficult for everyone involved.  You can ease the process somewhat by begin organized.  A financial expert can help you with the first step: compiling a martial balance sheet of assets you own and the liabilities you owe, as a couple. Typical assets include the money in savings and checking accounts; vehicles and equipment; [...]

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A POSSIBLE TAX QUIRK OF BEING A BUSINESS PARTNER

By |2023-07-24T09:56:31-04:00August 21st, 2023|Accounting and Auditing, Business, Taxation|

  If you’re a partner in a business, you may have encountered a situation that gave you pause.  In any given year, you may have been taxed on more partnership income than was distributed to you.  The cause of this quirk of taxation lies in the way partnerships and partners are taxed. Unlike regular corporations, [...]

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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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ESTIMATED TAX PAYMENTS: WHO OWES THEM AND WHEN?

By |2023-06-23T13:52:14-04:00July 24th, 2023|Accounting and Auditing, Business, Taxation|

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments.  This is the case if you have taxable income from sources such as interest, dividends, self-employment, capital gains or other income.  Here are the applicable rules for paying estimated tax without triggering the [...]

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ARE SCHOLARSHIPS TAXABLE?

By |2023-06-23T13:45:47-04:00July 17th, 2023|Accounting and Auditing, Business, Taxation|

If your child has been awarded a scholarship, that’s cause for celebration.  For some students, it will mean the difference between going to the college of their choice or starting at community college – or even not going at all.  But be aware that scholarship may bring tax implications. GENERALLY, BUT NOT ALWAYS Scholarships (and [...]

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