Five types of tax shelters

Posted 1 CommentPosted in Tax Planning, Taxes

There are five categories of tax shelters that benefit many individual U.S. taxpayers and account for most of the tax savings available to us. Four of those categories of tax shelters are potentially on the chopping block this month with Congressional tax reform discussions. This post is simply a brief overview of the five categories […]

Don’t get angry, get tax free

Posted Leave a commentPosted in Retirement, Tax Planning

A wave of recent media reports indicates that a large number of taxpayers are angry this filing season. Some people point out that the public reaction is illogical because the total amount of income taxes actually is actually lower for most people. Yet there may be good underlying reason for that anger. Originally we read […]

Four taxpayer reactions as the realities of new tax law hit home

Posted 2 CommentsPosted in IRS, Tax Planning, Taxes

Of the first 5 individual income tax returns that I prepared this week, 4 had unexpected problems and complications. Other tax preparers report unexpected and disturbing taxpayer reactions. Income tax filing season opened four days ago on January 29. Day by day now the real impact of the new federal tax law is hitting home […]

Five tax deductions you will miss this year

Posted 2 CommentsPosted in Tax Planning, Taxes

The Tax Cuts and Jobs Act eliminated some of the tax deductions that helped some taxpayers reduce their taxable income. These are the five you are most likely to notice when you file your 2018 return: Personal exemptions Employee business expenses Tax preparation fees Investment advisor fees Mortgage interest and property taxes above $10,000 Talk […]

Getting started toward sanity in divorce planning

Posted Leave a commentPosted in Divorce, Financial Planning, Tax Planning

Getting tax and financial advice during a divorce does not need to be a complicated, expensive or difficult process. Over the years, I’ve noticed that taking the first step toward a logical approach toward tax and financial planning during a divorce is the most difficult. Yes, it is usually a long and usually painful process […]

2019 in employee benefits: by the numbers

Posted Leave a commentPosted in Employee Benefits, Financial Planning, Tax Planning

These are the numbers we commonly use in planning this year’s tax free employee benefits: 401(k) pre-tax contribution limits = $19,000 401(k) catch-up contribution limit = $6,000 IRA contribution limits = $6,000 Annual Health Savings Account contribution limit for individuals = $3,500 Health Savings Account contribution limit for family coverage = $7,000 High Deductible Health […]

2019 Tax Planning and Support Tools Available

Posted Leave a commentPosted in Financial Planning, IRS, Tax Planning, Taxes

Through our 2019 license agreement with CFS Software, we offer a large number of support forms and estimated tax calculators. If you would benefit from a demonstration of the powers of any of these functions or planning calculations, please let us know. General Utilities and Retirement Calculations: 5 Year Federal/State Tax Planner After-Tax Loan Refinance […]

Five economic forecasts for small business in 2019

Posted Leave a commentPosted in Affordable Care Act, Climate crisis, Government, Investment, Small Business, Tax Planning

A decade ago I probably would have said that there is little value to a small business adviser in attempting macroeconomic and political forecasts. But over this most recent decade I’ve watched shifting macroeconomic conditions wipe out over two million dollars of personal net worth and put one of my businesses into idle for over […]