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 […]

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. […]

Last Minute Tax Planning for 2017 Under the New 2018 Tax Bill

With Congress giving taxpayers barely a week to react before the end of the year, the new 2018 tax bill does present some unique opportunities to do last second tax planning for 2017. Much of what can be done before year-end is standard tax planning advice. We caution that these are standard planning techniques that taxpayers […]

Splitting An Inherited IRA To Maximize Tax Savings

If you are the beneficiary of an inherited IRA that has multiple beneficiaries, December 31 can be an important due date in order to save taxes. Many owners of IRA accounts will name multiple beneficiaries. When the IRA owner dies, any non-spouse beneficiaries must take required minimum distributions (RMDs) from the inherited IRA over the […]

Retirement Plan Tax Savings Strategies

Are you looking for retirement plan tax savings strategies? Retirement plans can generate the best tax savings for business owners and employees alike. And these tax savings can be either current savings, or savings during retirement. Fully funding your company 401(k) with pre-tax dollars will reduce current year taxes, as well as increase your retirement […]

Escape the 10% Penalty on IRA Distributions with Substantially Equal Periodic Payments

  If you take distributions from your IRA or employer’s retirement plan before the age of 59-1/2, normally you will get tagged with a 10% penalty, in addition to the income taxes owed on the distribution. However, there is a strategy to avoid this penalty by taking “Substantially Equal Periodic Payments”. This strategy allows you […]

When You Should Defer Taxable Income as a 2017 Tax Saving Strategy

A common tax savings strategy is to defer taxable income into next year. The idea is that you pay taxes on the taxable income next year, rather than this year. There are two basic ways to do this: Defer taxable income into 2018 Accelerate deductions into 2017 This is the crux of all tax planning […]

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