The Best States to Retire in From a Tax Perspective
September 11, 2018
Many factors influence the decision of where to retire. Family, familiarity of surroundings, climate and cost of living are among the many factors that affect one’s choice of where to spend retirement years. What about state taxes? They are often overlooked and just “accepted” as an expense. However, for those with a keen eye for […]
IRS Contact Methods – What is Normal?
September 4, 2018
You hear the ads all the time: “the IRS will hunt you down!” But will they? The chance your tax return is audited by the IRS certainly exists, but it’s very slim. However, this has not stopped scammers from trying to trick you while pretending to be the IRS. Criminals can impersonate an IRS agent […]
Estate Planning in the New “Normal”
August 14, 2018
The 2018 Tax Cuts and Jobs Act (TCJA) that went into effect this year includes many tax law changes, most of which are set to expire at the end of 2025. Among them are important changes to Estate Tax laws with the most dramatic being a doubling of each person’s federal estate tax […]
Business Buy-Sell Agreements: 3 Areas Need Attention
July 17, 2018
Buy-sell agreements govern the purchase and sale of business ownership interests when death, disability or other significant events happen. However, such agreements generally lack in three critical areas. Three areas that cause most concern are valuation, deadlock and retirement. Most often, owners put together buy-sell agreements that address the easy triggering events, death and disability, […]
Selling Your Business? 3 Critical Actions to Take Now
May 15, 2018
Business Owners put their head down and go. Usually, they dedicate no time for extensive business or personal planning. When the time to sell arrives, owners often move ahead without critical planning that can help boost the value of the business and enhance their overall estate and financial plans. Spending a little bit of time […]
Spring Cleaning Your File Cabinets
April 3, 2018
With warmer weather, more sunshine, and opening day baseball (Go White Sox!) on the horizon, I was feeling ambitious last weekend and decided to get a jump start on my Spring cleaning. As I sifted through file cabinets I was shocked as to how many statements, bills, and receipts can pile up over 12 months, […]
3 Reasons to Change Your Estate Plan After the Tax Cuts and Jobs Act of 2017
March 13, 2018
The Tax Cuts and Jobs Act of 2017 created many planning opportunities. The Act raised the per person estate tax exemption to $11,200,000. Therefore, the estate tax will apply to very few people – that is until at least December 31, 2025, which is when the new law “sunsets.” Estate planning has changed to focus […]
Two Ways to Still Improve Your 2017 Taxes
March 6, 2018
Although most of the significant tax saving opportunities needed to be done prior to December 31, 2016, there are still several tax beneficial contributions that can be implemented before April 15th to ease your tax burden. Listed below are a couple items you should consider when preparing your taxes: Make an IRA Contribution – You […]
Tax Reform Is Here, But Make Sure You Catch These Items…
February 20, 2018
With 2018 finally here, the new tax law is in full swing. While much of the mainstream discussion was around the tax rates and certain deductions, there were other items included in this bill that should be considered when thinking about your 2018 tax situation. Here are a few of the key provisions that weren’t […]
In the Middle of a Divorce? Move Fast to Control Taxes
February 6, 2018
The Tax Cut and Jobs Act of 2017 impacted all families, but the ramifications for families in the middle of a divorce are greater than most. Alimony Historically, alimony (often referred to as spousal support or maintenance) has been deductible by the payor and taxable to the recipient. This benefited the family because the recipient […]
4 Critical Estate Planning Considerations – Keeping Your Plan Current
January 16, 2018
Estate planning documents receive very little attention after they are drafted. Why? People find the process emotional and burdensome and that is motivation enough to put off updates until next year – or several years from now! Family and law changes often make estate plans fall far short of intended goals. Here are four critical […]
Top 5 Year-End Tax Planning Tips
December 5, 2017
As 2017 comes to a close, now is the best time to think about and revisit your 2017 tax plan. Below are 5 year-end planning tips to make sure you are taking advantage of key tax savings opportunities before it’s too late. 1. Year-End Charitable Gifting Are their gifts you are planning to make in […]