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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COST SEGREGATION STUDIES CAN BENEFIT BUSINESS OWNERS

By | October 21st, 2019|Accounting and Auditing, Business|

Any business owner who’s acquired, constructed or substantially improved a building this year – or even in previous years – should read up on the tax benefits of a cost segregation study.  Undertaking one may allow you to accelerate depreciation deductions, which reduce current taxes and boost cash flow. REAL VS. TANGIBLE IRS rules generally [...]

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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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