Tax Planning

Financial planning is the process of looking at your short and long-term goals, assessing the resources available to help you accomplish those goals, addressing the barriers that may prevent you from achieving those goals, and then building a plan to make it happen.

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Maximizing your deductions in light of tax reform

The Tax Cuts and Jobs act of 2017 signaled the largest tax reform in decades. The law includes numerous changes to both personal and corporate taxes. We discussed the most important changes relevant to you a few months ago in Five Changes to Be Aware of Under the 2018 Tax Reform. One of the most promoted …

Five changes to be aware of under 2018 tax reform

At the end of last year President Trump signed the Tax Cuts and Jobs Act into law, signaling the largest tax reform in over three decades. We have received a lot of questions recently on how this law will affect our clients. With the tax season now behind us it is time to address how …

Avoiding the 10% threshold for medical expenses

When it comes time to pay your income tax bill, most Americans want to pay the lowest amount possible. One of the ways taxpayers seek to do this is by increasing the number of deductions they take on their tax return each year. So it’s not surprising that one of the common questions we receive …

Avoid Surprises on your 2019 tax return

According to the IRS, the number of taxpayers who owe at the end of the year has increased 40% in recent years. To make matters worse, if you owe money on your tax return you will also likely be charged penalties and interest for not paying the correct amount throughout the year. The best way …

How could the proposed tax reform affect you?

President Trump announced his proposal for tax reform last month. Similar to the changes he was proposing last year while on the campaign trail, this plan is being promoted as a tax break for the middle class. Hoping this might be true, we ran some analysis to see how the proposed changes would affect you, …

Making the most of your charitable donations

As we approach the holidays you are most likely busy planning visits to family or getting ready for your holiday shopping. You are also likely planning to give some of your money or property to charity. Many charitable organizations report that they receive a majority of their donations in the last three months of the …

Tax consequences of reinvesting your mutual fund distributions

If you hold shares of a mutual fund in a taxable investment account (taxable meaning not held in an IRA or other “deferred” investment account), then you will receive distributions from this fund in the form of interest, dividends or capital gains. These distributions are likely automatically reinvested into more shares immediately after they are …

Tax implications of selling your home

Exclusion of Gains on Home Sale Before any large financial decision, you should ask yourself “What are the tax implications of this?” Failing to consider the tax impact on some decisions can lead to an unpleasant surprise come tax season. Fortunately, the sale of your personal home is a financial event where you can generally …

Tax tips for home sellers

As the housing recovery begins to pick up steam, some home sellers will have gains on the sale of their homes for the first time in nearly a decade. The good news is that the tax code recognizes the importance of home ownership by providing certain tax breaks when you sell your home. THE MOST …

What Expenses Are Deductible

The tax deductions that are available to the average taxpayer have shifted over the years. What was available a few years ago may not be available today and what is available today may shift in the coming years. For taxpayers who itemize deductions, you can deduct the medical expenses you paid for yourself, your spouse or your …

What parents need to know about back-to-school expenses

August can be an expensive month for families with children heading back to school… and some of these expenses may serve you on your tax return. So we are going to spend five minutes summarizing a few of the expenses worth paying attention to. Tax Deductions for School Fundraisers If you make donations to your …

Why am I being selected for an audit?

According to the IRS’ most recent Data Book, the IRS audited nearly 1.4M tax returns in 2014, approximately 0.8 percent of all individual tax returns filed in calendar year 2014 and 1.3% of corporation income tax returns filed in that same year. IRS examinations (otherwise known as audits!) are done to determine if income, expenses, …

Year-End Tax Planning Strategies

With the House and the Senate both passing their own versions of tax reform, there is a reasonably high probability that the United States will see a dramatic shift in tax policy in 2018. While no one knows what will be included in the final bill, there is an equally high probability that next year’s …