Fortify Your Estate Plan Against Undue Influence Claims
June 14, 2018 Knowledge Center
Fortify Your Estate Plan Against Undue Influence Claims

Of course, you expect the declarations in your will to be carried out, as required by law. Usually, that’s exactly what happens with wills. However, it’s possible your will could be contested and your true intentions defeated if someone is found to have exerted “undue influence” over your decisions. Undue influence defined Undue influence is […]

Auditing Related-Party Transactions
June 8, 2018 Knowledge Center
Auditing Related-Party Transactions

Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals to act in a manner that’s inconsistent with the interests of shareholders. That’s why auditors take pains to identify and properly address related-party transactions. What is a related party? Accounting Standards Codification (ASC) Topic 850 […]

Factor in State and Local Taxes When Deciding Where to Live in Retirement
June 6, 2018 Knowledge Center
Factor in State and Local Taxes When Deciding Where to Live in Retirement

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you […]

Naming a Minor as Beneficiary of a Life Insurance Policy or Retirement Plan Can Lead to Unintended Outcomes
June 4, 2018 Knowledge Center
Naming a Minor as Beneficiary of a Life Insurance Policy or Retirement Plan Can Lead to Unintended Outcomes

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such assets may seem like an excellent way to provide for him or her in the case of your untimely death, doing […]

Be Aware of the Tax Consequences Before Selling Your Home
May 16, 2018 Knowledge Center
Be Aware of the Tax Consequences Before Selling Your Home

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]

Get Started on 2018 Tax Planning Now!
May 1, 2018 Knowledge Center
Get Started on 2018 Tax Planning Now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for […]

Haven’t Filed Your 2017 Income Tax Return Yet? Beware of These Pitfalls
April 10, 2018 Knowledge Center
Haven’t Filed Your 2017 Income Tax Return Yet? Beware of These Pitfalls

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of the IRS. […]

Can You Claim Your Elderly Parent as a Dependent on Your Tax Return?
April 4, 2018 Knowledge Center
Can You Claim Your Elderly Parent as a Dependent on Your Tax Return?

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is […]

Casualty Losses can Provide a 2017 Deduction, but Rules Tighten for 2018
March 16, 2018 Knowledge Center
Casualty Losses can Provide a 2017 Deduction, but Rules Tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the […]

Size of Charitable Deductions Depends on Many Factors
March 9, 2018 Knowledge Center
Size of Charitable Deductions Depends on Many Factors

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may deduct 100% gifts […]

A Not-So-Sweet Tax Could Be on the Menu
February 28, 2018 Knowledge Center
A Not-So-Sweet Tax Could Be on the Menu

By Greg Klein, CPA, Partner Many Americans are scrambling to figure out exactly how the new income tax bill will impact their personal income tax situation, but beware – these new taxes aren’t the only ones that may soon be hitting your pocketbook. Taxes with a Purpose Few would argue that taxes can, and do, […]

What’s Your Mileage Deduction?
February 28, 2018 Knowledge Center
What’s Your Mileage Deduction?

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these […]