By Debra Taylor, CPA/PFS, JD, CDFA Reviewing clients’ tax returns is a great way to provide a service that is hard to come by. Moreover, you gain access to information that can help clients make better financial decisions and lead to more business. With the advent of tax review software, in our case Holistiplan, this …
Breaking Down a Tax Return: What Every Advisor Should Know Read More »
Qualified charitable distributions from an IRA provide individuals over 70½ with a way to receive income tax savings on charitable gifts—even if they decide to take the newly increased standard deduction. T The proportion of individuals who claimed charitable deductions on their taxes fell to 8.5 percent in 2018, compared with 24 percent in 2017, …
How to Get Tax Savings on Charitable Contributions After 2018 Read More »
Woe to the taxpayer who runs afoul of the numerous and confusing IRA rules. There are forms to file, contributions to make, distributions to take, and penalties to avoid. While corrections are possible, it’s best to avoid mistakes in the first place. Here’s what you need to know. IRAs come with a lot of rules, …
If you are an IRA owner interested in donating to charity, a qualified charitable distribution may be an option. These 10 rules outline how a QCD should be done. Arguably, one of the biggest changes to the tax code in the Tax Cuts and Jobs Act of 2017 was the doubling of the standard deduction. …
Top 10 Rules to Know About Qualified Charitable Distributions Read More »
With such a high standard deduction, taxpayers may not get additional itemized deductions for charitable donations. However, with a little clever planning in charitable giving, taxpayers can exceed the standard deduction, start itemizing again, and lower their tax bill. In 2017, the standard deduction was $6,350 for individuals and $12,700 for married couples. However, as …
New Ways to Give to Charity While Getting the Best Tax Breaks Read More »
It’s a big transition when you leave the workforce to live off your savings, requiring an attitude adjustment in both you and your advisor. Here are the issues to consider when time, compounding, and conventional investment principles no longer work in your favor. Retirement planning is easy during the accumulation phase. Just stash as much …
Cracking the Nest Egg: When Accumulation Becomes Distribution Read More »
At 1097 pages, the new tax act is the most far-reaching and complex tax code passed by Congress since 1986. This article looks at ramifications in the areas of deductions, divorce, and estate plans. The Tax Cuts and Jobs Act (TCJA) is old enough now that you’ve probably had an opportunity to review many of …
The New Tax Law: 3 Areas That Could Impact Families Read More »
Paying the penalty may be worth it if the end result increases your assets. A case of a couple saving for retirement shows that a penalty is a small price to pay in building a bigger nest egg. Whether it’s sports, taxes or life, we’re programmed to avoid penalties, and usually that’s a good move. …
SECURE Act of 2019 TOPIC NEW RULE COMMENTS $5,000 tax credit for small businesses starting retirement plans Increases the tax credit available for small business retirement plan start-up costs up to $5,000 for up to three years. Plus a new $500 tax credit for startup costs for plans that begin implementing automatic enrollment. Increasing the …
While the national focus has been on uncertainty around the new tax law, there are many individual tax-planning opportunities you should consider before year-end to ensure you are getting the best deal while staying compliant. Although the Tax Cuts and Jobs Act of 2017 captured national attention, there are still plenty of tax-planning opportunities you …
9 Reasons You Should Consult With Your CPA Before Year-End Read More »
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