SHOULD YOU DIGITIZE YOUR TAX AND FINANCIAL RECORDS?

By | August 8th, 2022|Accounting and Auditing, Taxation, Uncategorized|

Traditionally, important tax and financial records have been stored as hard copies in desk drawers, filing cabinets and safe deposit boxes.  These days, however, it’s become increasingly popular and easy to digitize documents and store them electronically.  Is this the right move for you? THE CASE FOR GOING DIGITAL One of the biggest advantages of [...]

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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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PUMP THE BRAKES BEFORE DONATING THAT VEHICLE TO CHARITY

By | December 23rd, 2019|Accounting and Auditing, Taxation|

Many people might consider donating their vehicles to charity at year end to start the new year.  Why not get a fresh ride and a tax deduction, eh?  Pump the brakes – this strategy doesn’t always work out as intended. Donating an old car to a qualified charity may seem like a hassle-free way to [...]

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YEAR-END TAX AND FINANCIAL TO-DO LIST FOR INDIVIDUALS

By | December 9th, 2019|Accounting and Auditing, Taxation, Uncategorized|

With the dawn of 2020 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2019 ends: Check your Flexible Spending Account (FSA) balance.  If you have a FSA for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or [...]

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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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