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07
Aug

Create a Personal Cash Flow

As the year begins, this can be an excellent time to review your financial circumstances. You can look back at 2014 and see how much money came in and where it went during the year without adjusting for seasonal variations. The knowledge you’ll obtain by creating a personal cash flow statement can help you make ...

Posted by Jada McAbee | 0 Comment
20
Jan

New Year’s Resolutions for Business Owners

Like anyone else, business owners can begin the New Year by vowing to lose weight and revisit their insurance coverages during 2015. However, you probably should make (and implement) a separate set of resolutions to help your company prosper this year. Here are some suggestions you can consider: Turn over your paperwork – Finish your financial ...

Posted by Jada McAbee | 0 Comment
23
Dec

Tax Free Roth IRA Conversions

Moving money from a tax deferred retirement account to a potentially tax-free Roth IRA usually will trigger income tax. That won’t always be the case, though, thanks to recent IRS announcements. Some examples show how this can work. Example 1: Nancy Martin has participated in her company’s 401(k) plan for many years. She typically has ...

Posted by Jada McAbee | 0 Comment
23
Dec

Year-End Charitable Tax Planning

2014 November Client Bulletin

Donating appreciated assets (including securities) can be a thoughtful tactic for people who can’t offset capital gains with capital losses. Example 1: Lynn Knight invested $8,000 in an aggressive stock fund in 2009. The shares are now worth $20,000, thanks to some excellent selections, but Lynn believes it is time to take her gains. Selling ...

Posted by Jada McAbee | 0 Comment
23
Dec

Year-End Family Tax Planning

Besides donating appreciated securities to charity, another solution for avoiding highly taxed capital gains on these securities is to transfer the relevant assets to a family member in a lower tax bracket. The recipient might be able to sell and pay little or no tax on the sale. Example: Grace Fulton invested $10,000 in ABC ...

Posted by Jada McAbee | 0 Comment
23
Dec

Year-End Retirement Tax Planning

One reliable way to reduce the impact of higher tax rates, surtaxes, phaseouts and so on is to make tax deductible contributions to retirement plans. In 2014, the maximum salary (and tax) deferral for 401(k) and similar plans is $17,500, or $23,000 if you are 50 or older. If you are not maximizing such contributions ...

Posted by Jada McAbee | 0 Comment
17
Nov

A Tale of Two Couples

As always, savvy planning in the last quarter of the year can pay off in lower taxes next year when you file your return. Some tax planning is fundamental: most people will benefit by accelerating tax deductions into 2014, while deferring income into 2015. Yet, there is now a distinct divide between taxpayers reporting high income ...

Posted by swfitDev | 0 Comment
06
Aug

Tax-Free Income From Renting Your Home

Tax-Free Income From Renting Your Home From Canton, Ohio, where the Pro Football Hall of Fame Weekend takes place in August, to Los Angeles, which has Haunted Hayrides to celebrate Halloween throughout October, cities small and large host special events throughout the year. Moreover, oceanfront communities attract millions of tourists in the summer while mountain regions offer winter sports each winter. What is the common denominator? ...

Posted by Jada McAbee | 0 Comment
01
Aug

Deductions for Dining Out

Deductions for Dining Out Champagne and caviar on the IRS? Typically, the answer is no. Nevertheless, there are times when you can go out to eat—perhaps to the best restaurant in town—and recoup some of your costs through tax savings. Business as usual  Perhaps the most obvious way to deduct dining costs is to buy a meal for someone with whom you do business ...

Posted by Jada McAbee | 0 Comment
24
Jul

Be Sure About Rental Car Insurance

This summer, whether you’re driving for business or pleasure, you may want to rent a car. If so, you’ll likely be driving an unfamiliar vehicle on unknown roads. What’s more, you’ll encounter other (perhaps many other) motorists in similar circumstances. You can’t overlook the chance you’ll be involved in an accident. Obviously, your first priority is to avoid injuring yourself, your passengers, and any others. ...

Posted by Jada McAbee | 0 Comment

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