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 […]
With the new 2018 tax bill days away from final approval and signature, here’s our view of who benefits, and who doesn’t. It’s always a bit more complicated than this, but it should give you an idea who is impacted. Be sure to see our complete analysis of the new 2018 tax bill. Winners Taxpayers […]
Are you curious as to how your taxes will change based on the new tax law effective in 2018? Follow this link to find a side-by-side comparison of the old and new rates. The amounts are taxable income (after itemized or the standard deduction). And be sure to see our complete analysis of the new […]
This week, the House and Senate are on the verge of passing the new tax bill. The next step is for the President to sign it into law. Both are expected within days. Winners and Losers Here’s our view of who benefits, and who doesn’t, under the new bill. It’s always a bit more complicated […]
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 […]
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 […]
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 […]
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 […]
