During the 2020 presidential campaign, media coverage of the candidates’ tax plans was largely limited to income tax, most notably Joe Biden’s assurances that families earning less than $400,000 annually would not see their income tax increase. B…
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As you are probably aware, the Internal Revenue announces cost-of-living-adjustments (COLA) each year that increase the amount of certain tax deductions, thresholds, exclusions exemptions, and change contribution limits for retirement planning. If yo…
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In the late 1970s, a student at a private college paid the modern equivalent of $17,680 per year to attend a private college. If that student went to a public college, total costs were just $8,250 per year. Fast forward 30 years, and those costs had…
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There are only a handful of days left in 2019, and while you may want to spend them making merry, you should devote at least a little time to brightening your tax picture for next year. When April rolls around (as it will, and sooner than you think),…
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If you have an Individual Retirement Account (IRA), you are probably familiar with the term Required Minimum Distribution (RMD). Most people know they have to take RMDs starting at a given age, but they may be a little fuzzy on the details—and that…
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Like most Americans, you have probably just breathed a sigh of relief that the tax season is over and your taxes (hopefully) are filed. Thinking ahead to changes in tax law for 2019 and beyond is likely the last thing you want to do right now, but pl…
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Every year, as we prepare to turn the calendar page to December, it’s a good idea to think about what we can do before the end of the year to minimize taxes. This year, with the Tax Cuts and Jobs Act (TCJA) having taken effect on January 1, it&…
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You have probably heard of so-called “529 plans,” even if you haven’t looked into getting one. If you have children or grandchildren whose education is important to you, though, you may want to investigate 529 plans to help ensure t…
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The Tax Cuts and Jobs Act, enacted in 2017, was the first major change to the U.S. Tax Code in decades. Suddenly, what taxpayers had accepted as gospel all of their adult lives was no longer necessarily so. We have received many questions from client…
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Only a few months after the passage of the Tax Cuts and Jobs Act (TCJA), many of our clients, particularly older clients, are still trying to discern whether the new tax law will benefit them. What will the new tax law mean for seniors? If you are ov…
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