The holiday whirlwind is over, you’ve packed up the decorations, and life is settling into its familiar routine. Your thoughts are likely turning to the coming year, and the things you’d like to accomplish over the next twelve months. Maybe you have ten pounds to lose. Perhaps you want to learn a new language, or set aside more time for family and friends. No matter what your resolutions are this New Year, there’s one item that you should add to your list: take a fresh look at your … [Read more...]
Tax Planning for 2022
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2022 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...]
New Year Brings Resolutions…. and More
At the start of a New Year we are each given an opportunity to reflect on the past year’s ups and downs and gain a new perspective for the coming year. We look back at the good times: the holidays, vacations, birthday parties, and births of new children and grandchildren. We look back at the challenging times: the economic stresses, illnesses, and other hardships. As we reflect, we have an opportunity to reorganize our priorities and goals. As we reassess our lives, we plan for the future, … [Read more...]
End of Year Planning
This has been a tumultuous year for Americans. Most of us will bid 2021 good riddance and welcome the New Year with open arms. But, before we do that, a little planning now can help us to prepare for next year. There are many ways to adjust your finances to receive the greatest income tax advantage. Keep some important principles in mind. A dollar in tax today is more expensive than a dollar in tax tomorrow. Try to accelerate deductions by paying for them or even … [Read more...]
Gifting to Benefit Minor Children
Each year, the IRS excludes from the gift tax certain gifts, including: Gifts to a U.S. citizen spouse;Gifts up to $14,000 annually to any individual; andDirect payments to an educational provider for tuition or to a medical provider for medical care When it comes to your minor children, grandchildren, or other important minors in your life, a few considerations must be addressed. They may not possess the legal capacity to receive gifts quite yet and few have the maturity to handle the … [Read more...]
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