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12.21.20
What Was Old Is New Again With the “Kiddie Tax”
The changes made by the 2017 tax law – referred to as the Tax Cuts and Jobs Act (TCJA) – subjected a child’s unearned income to the estate and gift tax rates. Previously, the “kiddie tax” applied the parents’ marginal tax rate to a child’s unearned income in excess of a certain threshold ($2,200 in […]
11.24.20
Year-End Tax Planning for Challenging Times
The public health, social, political and financial upheaval of 2020 has given taxpayers plenty of reasons to focus on things outside of their taxes. Our “new normal” has given many taxpayers reasons to worry about their futures, not only regarding health and employment but also retirement savings and future tax rates. However, it is important […]
10.14.20
Nonqualified Deferred Compensation Plans Offer Important Benefits — And Some Notable Risks
Nonqualified deferred compensation (NQDC) plans allow you to set aside large amounts of tax-deferred compensation — well beyond the contribution limits for 401(k)s and other qualified plans. Many NQDC plans also give you the flexibility to schedule distributions to align with your financial goals. However, NQDC plans also pose substantial risks, including loss of compensation […]
03.25.20
Donor-Advised Funds Offer a Low-Cost Alternative to Private Foundations
Charitable givers sometimes establish private foundations to manage their philanthropic activities. But foundations are costly to set up and subject to excise taxes, minimum distribution requirements and other regulatory requirements. If you are looking for a more cost-efficient vehicle for leaving a charitable legacy, consider a donor-advised fund (DAF). Tax Cuts and Jobs Act provides […]
02.12.20
Capital Gains Planning: When Timing is Everything
The timing of capital gains and losses may have a significant impact on your tax bill. So it pays to consider the tax implications before you sell investments, particularly as the end of the year approaches. The Long and short of it Generally, the longer you hold an appreciated investment, the better. It allows you […]
10.05.18
Your Responsibility When Hiring Household Help
When you hire a housekeeper, nanny or other domestic worker, you do not just acquire an employee, but also a set of tax responsibilities. Proper filing and reporting enables your worker to build an employment record and gain access to Social Security, Medicare and other benefits. This also helps protect you from potentially expensive and time-consuming legal trouble.
01.05.18
When is it Best to Claim Social Security?
Do You Know When Your Employees Will Retire? Your employees’ retirement timing decisions will depend on a variety of factors, including their accumulated vested assets in your company’s plan. Another key variable is Social Security, but the Social Security benefit-claiming strategy that is best for them is not always easy to determine. However, online Social […]
12.19.17
2017 Year-End Individual Income Tax Planning in Consideration of the Tax Cuts and Jobs Act
On Tuesday, December 19, 2017, the House of Representatives voted to pass the Tax Cuts and Jobs Act (TCJA). The Senate was expected to vote on the bill shortly thereafter. The TCJA combines the House and Senate versions of the proposed tax reform. If the bill is enacted, it will be the most comprehensive tax […]
11.02.17
Active Versus Passive Investment Funds: Should You Let Participants Decide?
According to a report by Casey Quirk of Deloitte, 72% of money invested into funds went into passive funds in 2015. While some may see this as a strong case for passive investing, it is not that simple for plan sponsors.
09.12.17
Leaving a Financial Road Map for Your Loved One
We do not like to think about dying or becoming incapacitated due to illness, but it is important to be prepared. In the event you become incapacitated or die, does your spouse or loved one know what assets you have or where they are located? Do they know what bills need to be paid or how to pay them? This article provides some questions and answers your loved ones need to know.