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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ENSURING YOUR LONG-TERM CARE POLICY IS TAX-QUALIFIED

By | July 1st, 2019|Accounting and Auditing, Retirement, Taxation|

A long-term care insurance policy supplements your traditional health insurance by covering services that assist you or a loved one with one or more activities of daily living.  Such activities include eating, bathing, dressing, toileting and transferring (in and out of bed, for example). Long-term care coverage is relatively expensive, but it may be possible [...]

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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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GETTING CAUGHT UP WITH THE LATEST CATCH-UP CONTRIBUTIONS

By | November 1st, 2018|Estate planning, Retirement, Taxation|

 One could say that there are only two key milestones in retirement planning: the day you begin participating in retirement savings account and the day you begin drawing money from it.  But, of course, there are others as well. One is the day you turn 50 years old.  Why? Because those age 50 and older [...]

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DOL HAS INCREASED SCRUTINY OF DEFINED BENEFIT PLANS

By | October 22nd, 2018|Accounting and Auditing, Business, Estate planning, QuickBooks Tips, Retirement|

Sponsors of defined benefit plans – commonly known as pensions – might be facing tighter scrutiny from the U.S. Department of Labor.   Just last year, at an ERISA Advisory Council meeting, the agency’s Employee Benefits Security Administration (EBSA) announced that it had ramped up pension audit operations in its Philadelphia office and later decided to [...]

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