As you approach your retirement years, it’s important to have a basic understanding of the IRS gift giving rules. Once you understand them there are opportunities to leverage this tax law without creating a tax problem. The rules You can give up to $15,000 to any individual (the “donee”) in Read more…
There are a variety of scams and fraudulent schemes that target older adults. IRS impersonation scams are the most prevalent scams targeting older adults, but financial scams can take a variety of forms. Unfortunately, funds stolen as a result of these scams are often never recovered. You can ensure this Read more…
Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (sometimes referred to by the nickname “munis”) or municipal bond funds generates tax-free interest income. Here is what you need to know. Tax advantages of municipal bonds You pay zero federal tax on Read more…
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. Read more…
The IRS remains on the lookout for tax scams that can hoodwink unsuspecting taxpayers. Recently, two new variations of past scams have been discovered to be on the rise. Here’s what you need to know: Scam 1: The SSN hustle The scam: This scam resembles another where callers impersonate IRS Read more…
It’s sad, but true: Half of all new businesses fail within the first five years. Although lots of factors contribute to business failure, a common culprit is poor cash management. All businesses must deal with the uncertainty of fluctuating sales, inventories and expenses, but managing these risks is especially important Read more…
One of the basics in retirement is to be as tax efficient with your income as possible. In 2019, income tax rates range from 0% to 37%, plus a potential 3.8% net investment tax. Understanding how these progressive tax rates apply to ordinary income creates planning opportunities in retirement. The Read more…
With summertime activities in full swing, tax planning is probably not on the top of your to-do list. But putting it off can create problems at the end of the year when there’s little time for changes to take effect. If you take the time to plan now, you’ll have Read more…
A Health Savings Account (HSA) is a tax-advantaged savings account whose funds can be used to pay qualified health care costs for you, your spouse and your dependents. The account is a great way to pay for qualified health care costs with pre-tax dollars. In fact any investment gains on Read more…
The Tax Cuts and Jobs Act of 2017 (TJCA) made significant changes to how most people calculate their taxes, including a doubling of the standard deduction. One of the results of these changes is that a lot of people are under the impression that there are no longer any tax Read more…