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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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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7 WAYS TO PREVENT ELDER FINANCIAL ABUSE

By | January 28th, 2019|Accounting and Auditing, Estate planning, Retirement|

As tax season ramps up, so do the efforts of scam artists looking to steal people’s financial data and money.  Such fraudulent activities often target older adults.  Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to prevent elder financial abuse: Keep both paper and online [...]

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ARE YOU A MEMBER OF THE SANDWICH GENERATION?

By | October 15th, 2018|Accounting and Auditing, Estate planning, Retirement, Taxation, Uncategorized|

If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan.  Here are some critical steps to take to better manage the situation. IDENTIFY KEY [...]

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TCJA ELIMINATED OPTION TO RECHARACTERIZE ROTHS

By | August 6th, 2018|Accounting and Auditing, Estate planning, Retirement, Taxation, Uncategorized|

The passage of the Tax Cuts and Jobs Act late last year had a marked impact on Roth IRAs: to wit, taxpayers who wish to convert a pretax traditional IRA into a post-tax Roth IRA can no longer “re-characterize” (that is, reverse) the conversion for 2018 and later years. The IRS recently clarified in FAQs [...]

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TAKE NOTE OF THE DISTINCTIVE FEATURES OF ROTH IRAs

By | August 6th, 2018|Accounting and Auditing, Estate planning, Retirement, Taxation|

For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs.  However, it’s important to take note of just what the distinctive features of Roth IRA are before making the choice. Traditional vs. Roth The biggest difference between traditional and Roth IRAs is how taxes [...]

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