In The News

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 […]

The passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has not delivered the simplicity that I had hoped it would; however, it has produced some tax cuts that are exceptional if addressed before the tax year ends. An important aspect of the TCJA is the 199A tax code. While the code […]

In my last article, I outlined the noteworthy adjustments to our tax code under 2017’s Tax Cuts and Jobs Act. For most, the new tax reform will result in paying less taxes to the government. Great news…right? Of course. As we’ve continued to run 2018 tax projections for our clients, however, we’ve noticed a surprising and troubling trend for many […]

Taxes are painful. Taxes are constantly changing. Taxes will never ever go away. Wow, what reassuring and uplifting sentiments! Unfortunately, these are undeniable truths. The recent changes under the Tax Cuts and Jobs Act will shake things up more than usual. The big question is: For better or worse? Now that the 2017 tax season […]