The new CARES-ACT arrives just as we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, Read more…
With the beginning of the new year coming up, here is a quick list of financial and tax to-dos you should address before this year ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December Read more…
Prepaying property taxes related to the current year but due the following year has been a popular and effective year-end tax-planning strategies in the past. Now, with the TCJA tax bill having been passe, we have to re-evaluate whether or not this still makes sense today. For some people, yes—hastening Read more…
Are you still working? Will you be age 50 or older by December 31? Are you already contributing up to the regular annual limit to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE)? If so, then you may want to make “catch-up” contributions by the end of Read more…
Gifts To Loved Ones Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give Read more…
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in Read more…
The enormous changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have gathered the most attention. However, the new law also made necessary changes to gift and estate taxes. While the TCJA didn’t revoke these taxes, for the next several years it did significantly lessen the number Read more…
There is still much uncertainty about the Affordable Care Act and how such a change will impact health care costs. So, to fund these expenses—including FSAs, HRAs, and HSAs—it’s important to leverage all tax-advantaged ways. Here’s how to clear up these confusing healthcare accounts. HSAsIf you’re covered by a qualified Read more…
In 2017 if you suffered damage to your “personal property” there’s a chance that you will be able to deduct the loss from the damages as “casualty losses” on the federal income tax return for 2017. However, for 2018 -2025, the Tax Cuts and Jobs Act (TCJA) suspends this deduction Read more…
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your tax return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of Read more…