Over the years, real estate has proven to be a lucrative investment for many households. And, in some parts of the country, current market values have surpassed levels seen prior to the 2008 financial crisis. If your principal residence has appreciated significantly in value, you may be subject to capital gains tax when it's sold. If your gain will be too big to be sheltered by the … [Read more...]
Could Medicare Premiums Lower Your Taxes?
Health care is a top concern for many Americans, especially people who are age 65 and older. While these individuals qualify for basic Medicare insurance, they may need to pay additional premiums to get the level of coverage they desire. Those premiums can add up to a substantial annual sum, especially if you're married and both you and your spouse are paying them. But the silver lining is … [Read more...]
Deciding Whether to Convert Separate Property to Community Property
In estate planning involving spouses there may be issues surrounding how to deal with separate property acquired prior to marriage or as a result of inheritance. As part of your estate planning consultations with your attorney, you may be asked whether you wish any particular property or financial assets you currently consider to be your sole and separate property to remain your sole and … [Read more...]
10 New Year’s Resolutions to Improve Your Personal Financial Position
Have you ever kept a New Year's resolution for the entire year? Every January, millions of Americans make promises to eat less, exercise more and save for the future. But most resolutions are forgotten by spring. However, there are ten promises that relate to your financial health that you can't afford to abandon. 1. Make a financial plan. Creating a financial plan forces you … [Read more...]
Revenue Recognition: New Rules Go Live for Private Companies
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must implement new revenue recognition rules in fiscal years that start after December 15, 2018. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that … [Read more...]
Can You Have Too Much Tax Deferral?
Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year's taxable income will postpone your tax bill and give you extra cash to work with until the bill comes due. If your tax rates turn out to be lower in future years, deferring taxable income into those future … [Read more...]
IRS Ups the Ante on Retirement Contributions
Every year, the IRS releases cost-of-living adjustments to qualified retirement plan amounts. For tax year 2019, many of the limits applicable to pensions and other retirement plans will increase. But some will remain unchanged from 2018. The following limits will increase for 2019 based on the cost of living: The elective deferral limit for employees participating in 401(k), 403(b) … [Read more...]
4 Year-End Strategies to Lower Your Personal Tax Bill
The countdown to year end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax laws that will affect virtually all individual taxpayers — and most of those changes went into effect for this tax year. Here are four tried-and-true tax planning strategies, tweaked to account for the TCJA. 1. … [Read more...]
Estate Tax Planning Tips for Married Couples
Estate and Gift Tax Basics The TCJA sets the unified federal estate and gift tax exemption at $11.4 million per person for 2019 (up from $11.18 million for 2018). For married couples, the exemption is effectively doubled to $22.8 million for 2019 (up from $22.36 million for 2018). The exemption amounts will be adjusted annually for inflation from 2020 through 2025. In 2026, the exemption is … [Read more...]
Estate Tax Planning Tips for Single People
Estate planning is an important part of your overall wealth management strategy, especially if you're unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids' financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and estate taxes. Fortunately, … [Read more...]
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