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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HOW BUSINESSES CAN ASSESS RISK OF WORKER MISCLASSIFICATION

By | September 23rd, 2019|Accounting and Auditing, Business, Taxation|

Classifying a worker as an independent contractor frees a business from its portion of payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits.  It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government [...]

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DOUBLE UP ON TAX BENEFITS BY DONATING APPRECIATED ARTWORK

By | September 16th, 2019|Accounting and Auditing, Taxation|

From a tax perspective, appreciated artwork can make one of the best charitable gifts.  Generally, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the [...]

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