SECURE 2.0 LAW MAY MAKE YOU MORE SECURE IN RETIREMENT

By |2023-02-24T09:56:43-05:00March 6th, 2023|Accounting and Auditing, Retirement|

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years.  The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.  SECURE 2.0 is meant to build on the original [...]

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THROWING SNOWBALLS AT A MOUNTAIN OF DEBT

By |2023-01-18T15:36:52-05:00February 22nd, 2023|Accounting and Auditing, Taxation|

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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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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DISCOVER THE “HIDDEN” ADVANTAGE OF HSAs

By |2022-12-19T13:44:50-05:00December 19th, 2022|Accounting and Auditing, Business, Taxation|

A Health Savings Account (HAS) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis.  For 2022, individuals with self-only coverage can make tax-deductible contributions to an HAS of up to $3,650 ($7,300 for family coverage).  These limits are increased by $1,000 for individuals aged 55 [...]

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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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YEAR-END GIFTS AND THE GIFT TAX ANNUAL EXCLUSION

By |2022-10-27T14:12:11-04:00November 7th, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and loved ones.  By using your annual exclusion, those gifts-within generous limits-can reduce the size of your taxable estate.  For 2022, the annual gift exclusion is $16,000.   This covers gifts you make to each recipient [...]

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