1 10, 2019

Reminder: Time to Start the Financial Aid Process

If you have a child in college or entering college during the next school year, you need to read this. You can now fill out your required Free Application for Financial Student Aid (FAFSA) for the next school year. FAFSA application time frame The Free Application for Federal Student Aid (FAFSA) process opened on

26 09, 2019

Leveraging Gift Rules to Your Advantage

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift tax rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules Make periodic gifts. Remember the gift-giving limit is per calendar year. To take full

18 09, 2019

How to Maximize Tax Deductions for Assisted Living

It's possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by typical health insurance policies. Thankfully, there is a

11 09, 2019

The IRS Is Not Always Right

A letter in the mailbox with the IRS as the return address is sure to raise your blood pressure. Here are some tips for handling an IRS notice if you receive one: Stay calm. Try not to overreact to the correspondence. They are often in error. This is easier said than done, but remember

30 08, 2019

Municipal Bonds: An Investment with Tax Breaks!

Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (munis) or municipal bond funds generates tax-free interest income. Here is what you need to know. Advantages of municipal bonds You pay zero federal tax on municipal bond investment income. This makes municipal bonds more attractive than

26 08, 2019

Tax Benefit for First-time Home Purchase – Maybe!

The federal government encourages saving for retirement by deferring income tax on funds contributed (with certain restrictions) to an individual retirement plan until the funds are distributed. An "individual retirement plan" is as an individual retirement account or annuity, which is commonly referred to as an IRA. Generally distributions before age 59 ½ years

15 08, 2019

Cash Flow Concepts That Can Save Your Business

A sad and oft-repeated truth is that half of all new businesses fail within the first five years. Although many factors contribute to business failure, a common culprit is poor cash management. All businesses, large and small, must deal with the uncertainty of fluctuating sales, inventories and expenses. Follow these practices to moderate the

15 08, 2019

A Smarter College Housing Option

Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and provide tax breaks, but you need to do the math and be aware of the

7 08, 2019

Avoid the Pitfalls of Selling Property to Family

Suppose you own property you intend to transfer to your loved ones. Perhaps you are considering giving your children an ownership interest in your principal residence. Before you act, you should review the tax consequences of your decision. Specifically, tax law includes several provisions involving sales to related parties. As you might imagine, this

7 08, 2019

No Excuses. Time to Lower Your Tax Bill

It’s easy to push tax planning to the sidelines when tax laws are ever-changing and hard to understand. Here are some common (but often unfounded) reasons for avoiding tax situations, plus tips to help get past them and start paying less tax this year: It doesn’t make a difference. This point of view is