In The News

Did you recently start your new dream job? Are you making more income now than ever before? Before the income gets folded into your budget to cover the costs of daily living, take time to stop and think. What are your current expenses? Are you saving enough for retirement? Should you max out your 401k? […]

Last fall, the Social Security Administration announced its annual cost-of-living (COLA) adjustment. Around 71 million Americans will receive a 3.2% increase in their Social Security Income benefit for 2024, bringing the 2024 increase back down to earth after last year’s multiple-decade high increase. While the 2024 increase is less consequential than the previous year, discussing […]

No one gets married with the plan to divorce eventually, but it is widely understood that roughly half of all marriages end in divorce. That statistic gets grimmer for second and third marriages. A divorce is one of those events in life that can be overwhelming, both mentally and financially. Divorce can be difficult financially, […]

Who doesn`t love receiving gifts? You may argue that it’s better to gift than to receive, but did you know that gifting assets to others can also be valuable for your estate planning needs? It’s important to understand what constitutes a gift, according to the IRS, and what that gift could cost you in taxes […]

In response to the economic disruption caused by COVID-19, the CARES Act created funding for direct cash payments to individuals. Here are answers to some common questions our financial planning firm has received. What is it? It is an advanced payment for a new refundable tax credit in the 2020 tax year. Is the payment […]

Tax season is probably one of the most stressful and responsible periods for individuals as well as corporate taxpayers. It is the time when the financial statements and reports from the previous year are submitted. There are strict deadlines for filing tax returns, and missing those will result in fees and penalty charges. When will […]

2018—the first year of the newly administered tax code. While some of us were pleasantly surprised this past April, others of us not so much. A common reaction from our clients occurred with the use of the standard deduction for the first time (or at least the first time in a long time). For those […]

When most people think of a Health Savings Account (“HSA”), they see a tax-efficient way to pay for medical expenses. During their company’s annual enrollment window, they elect to contribute enough into the plan to cover the upcoming year’s out-of-pocket healthcare expenses. By contributing into the account, they reduce their federal, FICA, state and local […]