Who Do You Trust?
Who will be in charge of your assets after you’re gone? This is an important decision that comes with planning your estate. No one can tell who to trust but here are some guidance tips to help you break down the process of choosing a successor trustee. 1. TrustworthyConsider if the person you have in […]
Taxable Donations or Not
Crowdfunding has grown in the last 20 years raising billions of dollars from hundreds of projects being launched on a daily basis. Crowdfunding is the practice of soliciting financial contributions from a large number of people over the internet. These contributions can be used for a verity of projects. By doing this individuals and organizations […]
Tax Info for Students
Don’t be surprised when your employer withholds taxes from your paychecks. That’s how you pay your taxes when you’re an employee. If you’re self employed you may have to pay estimated taxes directly to the IRS on certain dates during the year. This is how a you pay as you go tax system worksNew employees […]
Contributing to a Roth IRA
Who is Eligible?You must have eligible income/ compensation to contribute to a Roth IRA. The current maximum contributions is the same as traditional IRA, $5,500 OR $6,500 if you are at least 50 years old by December 31, 2016. 154am Are There Other Contributions Limits?Yes. If your MAGI is over a certain amount for your […]
IRA Scenarios With Answers
Lets say you’re around 73 years old and still work full time, could you still contribute to your IRA?No you cannot. Contributions can’t be made to an IRA beginning the year you turn 70. There is no exception. What if you participated in a work place 401(k) could you contribute to an IRA then?Yes you […]
Donations Deductible
Charitable contributions are donations or a gift to or for the use by a qualified organization. It is voluntary and made without getting or expecting to get anything of equal value. Qualified organizations are nonprofit groups that are religious, charitable, educational, scientific or literary in purpose or that work to prevent cruelty to children or […]
Review Your Documents
Failure to review your retirement planning documents can be a DISASTER. It can really hurt your beneficiaries, this is a common mistake. Recently a client discovered that her new husband hadn’t updated his beneficiary forms for his retirement plans. Unfortunately the client didn’t find out until he passed away unexpectedly and a quick review of […]
New Law to Affect Refunds in 2017
The IRS has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season. The IRS is sharing information now to help the tax community prepare for the 2017 season, and plans are being made for a wider communication […]
INVESTMENT INCOME | subject to tax
Are your investments subject to the 3.8% Net Investment Tax? It targets things like vacation homes and investment properties owned by high income individuals who exceed the threshold. This law requires a tax of 3.8% on the lesser of either your net investment income or the amount by which your modified adjusted gross income (MAGI) […]
CHARITY | Donation or Deduction
A donation is a gift. A (tax) deduction is variable tax dollars subtracted, (or deducted), from ones gross income. Rules to Know…helping others helps you So many rules to remember, and all you really wanted to do was clean out your closets and be able to park your car in the garage once more. Photo […]
