Although the IRS tax code seems to grow in complexity each year, taxpayers might like to think that IRA contribution rules would be fairly consistent with regard to contribution dates. Unfortunately, consistency is not the case pertaining to various types of IRA’s. Let’s take a closer look. Traditional and Roth IRA’s. The due date for… Continue reading Get your IRA deduction date straight
Tip: Make non-deductible contrib to IRA
If your income will be too high for 2014 to contribute to a Roth IRA this year, consider making a non-deductible contribution to an IRA to convert to a Roth before December 31st.
Tip: Roll over previous retirement accounts
This Fall, consider rolling your old retirement accounts held at a previous employer into your current employer's 401(k) or 403(b) plan to consolidate your finances.
8 Tax Savers for Parents
From IRS Tax Tips: Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents. In most cases, you can claim your child as a dependent. This applies even if your child was born anytime in 2013.… Continue reading 8 Tax Savers for Parents
2013 Tax Update with Rick Schwartz
Have a listen to Rick Schwartz's Tax Season 2013 Update!
Checklist to Cut 2013 Taxes
Take a peak at Andrew's article for Oncology Practice Management. Lots of tips to cut your 2013 taxes and advice for 2014.
Radio Interview: 8 Resolutions
Take a listen to Andrew's interview with George Knight on Radio 92.9 Greater Media Boston - 8 Resolutions to Improve Your Personal Finances
IRS Increases Retirement Plan Limits for 2014
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that most of the retirement savings limits will NOT increase for 2014. RETIREMENT PLAN LIMITS FOR 2014: Savings Opportunity Maximum Contribution for 2014 401(k) or 403(b) Deferrals $17,500 in 2014 Roth and Traditional… Continue reading IRS Increases Retirement Plan Limits for 2014
To Do for 12/31: Flex Spending Account
Make sure you make applicable elections in connection with your employer's Flexible Spending Account!
To Do for 12/31: IRAs to Roth IRAs
Determine whether to convert your IRA to a Roth IRA. Ask your accountant or financial planner for help if you need it!
IRS Announces Few Increases to Retirement Savings Limits for 2014
On Halloween night, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations. Unfortunately, the bulk of the retirement savings limits will not increase from 2013. According to the October 31st announcement made by the IRS on Pension Plan Limitations for 2014, "Some pension limitations such as those governing 401(k)… Continue reading IRS Announces Few Increases to Retirement Savings Limits for 2014
Why open a Retirement Plan for Your Practice?
Let’s start by discussing some of the benefits of setting up and maintaining a Retirement Plan for your practice. The first benefit is that contributions you make into the retirement plan are generally tax deductible, and then those contributions grow tax deferred. Remember, contributing to a retirement plan is one of the best tax shelters… Continue reading Why open a Retirement Plan for Your Practice?
Part 2: New Tax Rules – Strategies to Minimize your Tax Bill
In my previous post, I wrote about new tax rules for 2013. In today's Part 2, I'll cover various strategies you can use to minimize your tax bill in light of these new tax rules. Plan Your Revenue & Expenditures Most healthcare professionals are on the "Cash Basis" of accounting, which means that: Income is… Continue reading Part 2: New Tax Rules – Strategies to Minimize your Tax Bill
Summer Job Alert for your Working Kids: Claim Exempt
I graduated from Wharton in 1987. For those of you keeping score at home, that means I've been working at my practice for a score and a quarter plus one. Now that I've been practicing for twenty-six years, many of the clients I picked up earlier in my career have children in high school or… Continue reading Summer Job Alert for your Working Kids: Claim Exempt
NEW YEAR’S RESOLUTIONS – PT 2
We're continuing with our series on New Year's resolutions that you can do to improve your finances. Be sure to read Part 1 for extra tips! Pay Down Those Credit Cards If you owe money on your credit cards, determine how much you can realistically afford to pay down during the year. For best results,… Continue reading NEW YEAR’S RESOLUTIONS – PT 2
NEW YEAR’S RESOLUTIONS – PT 1
There might be a lot of uncertainty surrounding the tax rules these days. Don't use that uncertainty as an excuse to avoid trying to improve your personal finances. What better time to make some resolutions for 2013 than New Year's Day? Last January 1st, did you make any resolutions concerning your personal finances? If so,… Continue reading NEW YEAR’S RESOLUTIONS – PT 1
TEACH YOUR TEENS FINANCIAL RESPONSIBILITY WITH PASS CARD
I'm a CPA and my wife is a CFP (Certified Financial Planner). Even so, I think together we've done a lousy job teaching our two kids - Jonathan (age 14) and Lizzie (age 13) - much about personal finances. We have also done little to help them learn anything about exercising fiscal discipline. Over the… Continue reading TEACH YOUR TEENS FINANCIAL RESPONSIBILITY WITH PASS CARD
IRS ANNOUNCES HIGHER RETIREMENT PLAN LIMITS FOR 2013
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that many of the retirement savings limits will increase for 2013. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to… Continue reading IRS ANNOUNCES HIGHER RETIREMENT PLAN LIMITS FOR 2013
SAVINGS TIP: IRAs
Before the end of the year, determine whether to convert your IRAs to a Roth IRA. Need help? Contact your tax preparer for advice now.
SOCIAL SECURITY MAX INCREASES TO $113,700 FOR 2013
Each year, the government bumps up the maximum Social Security taxes that you can pay. For 2013, the maximum wage base jumps to $113,700, an increase of $3,600, or 3.3%, over the max of $110,100 that was in place for 2012. The Social Security Administration predicts that 10 million individuals will end up paying higher… Continue reading SOCIAL SECURITY MAX INCREASES TO $113,700 FOR 2013