If you split your time between an Illinois residence and a Florida residence one common question is, “Can I change my residency to Florida to avoid Illinois state income tax?” The common answer is, it depends.Read More
Cost basis is a crucial piece in determining how much gain/loss from the sale of an investment will be reported on your tax return.
Despite cost basis being so important, required accurate reporting of cost basis by custodians has only been in effect since 2011 for stocks (and 2012 for mutual funds).Read More
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.Read More
On August 16, 2018, we lost a national treasure. Aretha Franklin, a.k.a. the “Queen of Soul,” passed away in Detroit at the age of 76 from advanced pancreatic cancer.¹ What is not too surprising is that Franklin will join the long list of celebrities who died without a will, including, most recently, Prince.Read More
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 helpRead More