A Buy-Sell Agreement Can Provide the Liquidity to Cover Estate Taxes
July 27, 2019 Knowledge Center
A Buy-Sell Agreement Can Provide the Liquidity to Cover Estate Taxes

If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners. If one of your co-owners dies, for example, you may be forced to go into business with his or her family […]

Summer: A Good Time to Review Your Investments
July 22, 2019 Knowledge Center
Summer: A Good Time to Review Your Investments

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the […]

Volunteering for Charity: Do You Get a Tax Break?
July 16, 2019 Knowledge Center
Volunteering for Charity: Do You Get a Tax Break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may […]

Is your Accounting Software Living up to the Hype?
July 12, 2019 Knowledge Center
Is your Accounting Software Living up to the Hype?

Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your accounting software living up to the hype? If not, there are a couple of relatively simple steps you can […]

4 Negative Outcomes of Jointly Owning Property with a Family Member
July 9, 2019 Knowledge Center
4 Negative Outcomes of Jointly Owning Property with a Family Member

A common estate planning mistake that people make is to own property jointly with an adult child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple technique for leaving property to that person without the need for probate. But any […]

The ABCs of NQDCs
July 5, 2019 Knowledge Center
The ABCs of NQDCs

Nonqualified deferred compensation (NQDC) plans pay executives or other key employees at some time in the future for services to be currently performed. If your organization offers one or is considering offering one, it’s critical to be aware of the applicable tax rules. Let’s review the basics. How they differ NQDC plans differ from qualified […]

You May Have to Pay Tax on Social Security Benefits
July 3, 2019 Knowledge Center
You May Have to Pay Tax on Social Security Benefits

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your […]

If Your Kids Are Off to Day Camp, You May Be Eligible for a Tax Break
June 26, 2019 Knowledge Center
If Your Kids Are Off to Day Camp, You May Be Eligible for a Tax Break

Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, […]

Is an HSA Right For You?
June 20, 2019 Knowledge Center
Is an HSA Right For You?

To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax advantaged basis. The basics With HSAs, you take more responsibility for your health care costs. If you’re covered by a qualified […]

Donating Your Vehicle to Charity May Not Be A Taxwise Decision
June 18, 2019 Knowledge Center
Donating Your Vehicle to Charity May Not Be A Taxwise Decision

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s say you’re buying a new car and […]

You Have Options When Addressing Life Insurance in Your Estate Plan
June 11, 2019 Knowledge Center
You Have Options When Addressing Life Insurance in Your Estate Plan

Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern for many families. Nonetheless, life insurance offers many benefits for nontaxable estates. If you own life insurance […]

Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes
June 5, 2019 Knowledge Center
Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It […]