What To Do With Excess 529 College Savings Plan Funds

529 college savings

Are you facing the fortune of having saved too much for college through your 529 college savings plan? Perhaps your son or daughter received a scholarship or did not attend school. If so, there are several options as to what to do with the funds without facing income taxes or penalties. If you pull the […]

New 2019 Pension and Social Security Limits

The IRS recently announced 2019 limits for certain pension and retirement plan contribution limits, and changes to Social Security limits. 2019 Social Security: Cost of Living Increase                                        2.8% FICA Wage Limit:                                           $132,900 Earnings Limit if drawing before age 66         $  17,640 2019 IRA Traditional & Roth IRA Limit                           $   6,000 Over age 49 […]

Major Colorado Sales Tax Changes Coming Soon

Colorado recently announced a major change in the sales tax collection rules for retailers in the state of Colorado. Under current rules, a Colorado retailer must collect sales tax based on any physical locations of the retailer. For example, if you had a single location from where you shipped product to customers all over the […]

Confusion on the deductability of meals expense

In early October, the IRS came out with guidance on the meals deduction. There was a great deal of confusion as to whether meals were still deductible under the new Tax Cuts and Jobs Act (TCJA). According to the IRS, you can still deduct 50% of the food and beverage expenses associated with your trade […]

Expanded Use of Educational Savings Accounts (529 Plans)

The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (commonly referred to as 529 plans) which expands the use of 529 plans to expenses for grades kindergarten through grade 12. The new law affects distributions made in 2018 and later years. A 529 plan distribution is tax-free if it […]

How Changes to Individual Deductions Affect Your 2018 Tax Bill

The Tax Cuts and Jobs Act (TCJA) that affects tax returns beginning with the 2018 tax year has many changes that may affect your 2018 taxes. The law could increase your standard deduction or it could eliminate some tax breaks you have been used to in prior years. As you may know, the IRS allows […]

Use This Phone App to Scan Documents

Do you prefer to send us your documents electronically, using your iPhone or Android? Instead of taking a photo which is usually low-quality and difficult for us to use, we recommend using Scanbot, a scanning app for your phone. But please remember, we never recommend sending documents via email that contain identity-type information (your social security […]

Deferred Like-Kind Exchanges of Real Estate – Rules for 2018

Most like-kind exchanges of real estate are not simultaneous, so they are referred to as a deferred like-kind exchange. These exchanges have special rules in place that must be followed in order for the exchange to be considered “like-kind” and meet certain safe harbor rules of the IRS. First, the properties you are exchanging must […]

Steve Trojan CPA earns Certified Divorce Financial Analyst Certification

Steve Trojan, CPA has recently completed the necessary training and testing to earn the designation of Certified Divorce Financial Analyst®. This program, provided by The Institute for Divorce Financial Analysts™ (IDFA™) is a specialized educational program in professional divorce analysis and provides training to provide financial information and assistance to people going through a divorce. […]