Savings

Get your IRA deduction date straight

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

Education, Savings, Taxes

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

Planning, Savings, Taxes

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

Planning, Savings, Taxes

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

Commentary, Miscellaneous, Savings

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

Commentary, Planning, Savings

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

Savings, Taxes

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