21 Feb
February 21, 2020

With the change of the calendar year, individual taxes tend to come into focus as the tax return deadline quickly approaches. While the thought of income taxes and income tax filing can be stressful to most, taking a simplified approach, while being methodical and proactive in filing, and planning for future taxes can reduce this burden. Here are some tax tips for 2020 to help manage potential challenges.

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21 Dec
December 21, 2019

Do you hear what I hear??? It’s new legislation coming out of Washington this Christmas season!  Heading into the New Year the Federal Government has just released legislation that will have far reaching implications for nearly all individuals.  You may have heard rumblings of something called the SECURE Act throughout the year.  It passed with near unanimity in the House back in May but was met with a frosty response once it moved to the Senate. 

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11 Dec
December 11, 2019

Taxes are complicated and so is retirement. When you combine the two, it can get a bit overwhelming. The silver lining is that people who are retired, or are on their way to being retired, have some incredible opportunities to implement tax savings strategies that could benefit them for the rest of their lives. Here are five Tax-Smart Retirement strategies to consider.

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12 Jul
July 12, 2019

With the 2018 tax year closed, most taxpayers saw a decrease in their refunds, and some even owed taxes when they usually receive refunds.  This was due to the adjusted withholding tables that came into effect in February 2018, lowering the amount of taxes taken out of taxpayers’ paychecks.  Since less tax was paid throughout the year, many saw a tax bill larger than they anticipated when filing their tax returns.

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02 Jul
July 02, 2019

What is Non-Qualified Deferred Compensation or NQDC?

Non-Qualified Deferred Compensation, or NQDC, is compensation that has been earned by an employee but has not yet been transferred from the employer to the employee. Because the employer still has ownership of the compensation, it is not included in the employee’s earned income and therefore is not considered taxable income. This allows an employee to postpone or defer compensation and receive it sometime in the future, usually for purposes of retirement income.

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26 Jun
June 26, 2019

One of the major aspects of a business sale is whether the business will be sold as an asset or as stock. An owner might be thinking, “Does it really matter as long as I get the highest sales price?” Well, as you’ll see below, there are plenty of circumstances that can make a lower sales price more attractive.

To highlight some of the key differences between an asset and stock sale, let’s review some important tax, business liability, and complexity considerations.

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20 May
May 20, 2019

Do you have a loved one who is disabled or who has special needs? Many times individuals with special needs rely on public benefits such as Supplemental Security Income (SSI), Medicaid, and other programs to help with living expenses. In order to retain eligibility for such benefits, the individual’s cash and investment assets may not exceed $2,000. This restriction often makes it difficult for special needs individuals to achieve a greater quality of life and financial independence.

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01 Apr
April 01, 2019

Beginning in 2018, many individuals and families lost the ability to fully deduct charitable donations as an itemized deduction. This is due to the doubling of the standard deduction and the limitation of many itemized deductions as part of the Tax Cuts and Jobs Act of 2017. For those over age 70½, a qualified charitable distribution can be a great way to make a charitable donation in a tax-efficient manner.

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01 Apr
April 01, 2019

For most individuals, income often comes in the form of salary, commission, tips and other job-related earnings. What many do not realize is that there are other, more creative ways one might find themselves with income, and Uncle Sam has made it his mission to attempt to capture all of them within the tax code. One such type of income we tend to forget about is income generated when an individual acquires prize winnings.

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05 Dec
December 05, 2018

Which is a better way to save for retirement—in a traditional or Roth retirement account? At a glance, it may be difficult to know which savings option makes the most sense. Choosing the best account for your stage in life and tax bracket can impact your future account balances at retirement.

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19 Jul
July 19, 2018

As the old saying goes, “there are only two things certain in life – death and taxes.” Because everyone has to face these realities sooner or later, taking time to implement certain tax planning strategies and create or review your estate plan, can save you money and provide peace of mind, both now and in the future.

First, let’s talk taxes.

While we all have to pay our dues to Uncle Sam each year, there are several planning strategies that can help

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