Category: Taxes

The IRS gives three answers, depending upon time and how confident you are that your returns are complete

For many, the inauguration of a new President has sparked a renewed interest in government, politics, and making a difference. Did you know that you can make a tax-deductible gift to pay down the federal debt and earmark it for a specific federal agency?

The two major party candidates for president this year come from vastly different backgrounds and champion divergent agendas and policies. Their competing tax plans can offer an entry point into rational discussion. Hillary Clinton The Washington Post says this about Hillary Clinton’s tax proposal: “This is likely the most explicit and ambitious plan to tax […]

How can you compete with other buyers in today’s hot real estate market, in which all-cash deals are the new normal? Here are three strategies we use with clients that may work for you.

It’s time once again to take stock of your overall situation and implement a few tax saving strategies before the end of the year. Our goal is to help you lower your taxes and get a head start on your next year’s planning by providing reminders and tips. If your situation warrants preparing a year-end […]

Four years before the Facebook IPO, co-founders Mark Zuckerberg and Dustin Moskovitz each set up GRATs. Just before the IPO, those GRATs were estimated by Forbes to transfer a total of at least $185 million gift tax free to their non-charitable beneficiaries. GRATs, or grantor retained annuity trusts, are a wealth transfer strategy that freezes […]

If you are married, your spouse should generally be listed as your beneficiary on your 401(k), 403(b), or other retirement account, including IRAs. If you do not list your spouse as beneficiary, the entire balance in the account will go through your estate at your death, and will have to be distributed within just a […]

December is the time when many people think about giving to charity. Why? One reason is to reduce taxes, and a charitable contribution may accomplish this goal. Perhaps the only other time of the year when people are as philanthropic is in early April, although the donations made in April before you file your prior […]

Paying taxes is often a balancing act. You want to pay just enough to avoid penalties yet avoid giving the government an interest-free loan. There is a 0.9% Medicare surtax on earned income for those who make more than $250,000 a year ($200,000 for single folks). This situation can create a trap for married people. […]

Pop quiz: What’s the appliance that uses the most energy in your home? Today, it’s likely your refrigerator. But what about in the future? A client recently asked us to help analyze whether she should install solar panels on her home. While the quotes she got from three solar panel installation companies seemed to make […]