How the Latest Relief Packages Affects AGI’s, RMD’s, Deductions
The U.S. Congress recently passed, and the President signed, the 5,593-page Consolidated Appropriations Act of 2021 relief package—and experts are still mulling over what the impact will be on ordinary citizens. There are stimulus checks, tax planning relief...
GameStop Gambling
GameStop: A David and Goliath story or a cautionary tale of feverish gambling? The GameStop David and Goliath story has given us a short break from 2020 doom and gloom. It’s a surprising story of how masses of small amateur investors managed to bid the share prices of...
Estate Exemption Expiration
Today, it’s hard to believe that in 1997 you could only exempt $600,000 from estate taxes. When a person died, heirs would pay tax on anything above $600,000 at the (then) maximum 55% tax rate. The estate situation is very different today. The Internal Revenue Service...
Creative SALT Workarounds
One of the most hated tax provisions for people in higher-tax states is the so-called SALT limitation on state and local taxes. What is the SALT Limitation? The provision was part of the Tax Cuts and Jobs Act, which only allows taxpayers who itemize their deductions...
Long-Term Care: What You Need to Know
There are many misconceptions and misunderstandings about long-term care (LTC), including who needs it and how to pay for it. It’s essential to break down the main components of long-term care insurance to find what is right for you. What does long-term care...
Key Financial Tips for Aspiring Entrepreneurs
Many Americans retire from the office job that they held for several years and decide to go into business for themselves, becoming mid life entrepreneurs. Others don’t wait to retire but leave the corporate world to launch. Of course, some people never work for others...
Maximize Your Charitable Giving Strategy
You might recall that the Tax Cuts and Jobs Act made it much harder for Americans to get tax breaks on their charitable giving by raising the standard deduction so that fewer people have the opportunity to itemize. Of course, you want to do some good for the community...
Save More The Smart Way
Many of our clients are already saving a significant portion of their incomes for retirement and other financial goals. You may already be maxing out your employee contribution and ensuring that you take full advantage of any available employer match on your 401(k)....
Your Finances: What You Need To Do First When Your Spouse Dies
It’s common for the surviving spouse to feel a bit lost upon the death of their partner. You may not have immediate access to all the household assets or know what information you need to put together for the estate. This time can be very confusing, so it’s...
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