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December 21, 2017

What you need to know about year-end charitable giving in 2017

What you need to know about year-end charitable giving in 2017
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Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire.
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November 30, 2017

Who should own your life insurance policy?

Who should own your life insurance policy?
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If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries of the proceeds. The way around this problem is to not own the policies when you die. However, don’t automatically rule out your ownership either.
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October 16, 2017

“Bunching” Medical Expenses May be a Tax-Smart Strategy in 2017

“Bunching” Medical Expenses May be a Tax-Smart Strategy in 2017
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Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.  (more…)

October 03, 2017

2 ways spouse-owned businesses can reduce their self-employment tax bill

2 ways spouse-owned businesses can reduce their self-employment tax bill
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If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, when we refer to “partnerships,” we’ll include in our definition limited liability companies that are treated as partnerships for federal tax purposes.)

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September 27, 2017

Save more for college through the tax advantages of a 529 savings plan

Save more for college through the tax advantages of a 529 savings plan
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With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan.

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September 13, 2017 — BY Maurie Backman

5 Ways You’re Losing Money Without Even Realizing it

5 Ways You’re Losing Money Without Even Realizing it
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We all work hard for our money, so the last thing we want to do is throw any of it away. Yet a surprising number of us are kissing countless dollars goodbye due to ignorance or poor spending habits.

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http://money.cnn.com/2017/09/05/pf/losing-money/index.html?iid=Lead

September 07, 2017

The ABCs of the Tax Deduction for Educator Expenses

The ABCs of the Tax Deduction for Educator Expenses
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At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax code provides a special break that makes it a little easier for these educators to deduct some of their expenses.

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