Blog Archives

Gifting Rules

Does part of your family’s financial planning include gifting? If so, here are a dozen tips to follow: Annual gift exclusion is $15,000 per year by an individual to another individual, or Annual gift exclusion is $30,000 per year gifted

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Posted in November 2019 Newsletter

Benefits of small business owners of hiring family members Part II:

Consider adding your teenage children onto your company payroll. If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll.  There are several tax benefits and opportunities for income shifting within

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Posted in November 2019 Newsletter

Benefits of small business owners of hiring family members – Part I:

Consider hiring your spouse as your company’s first employee.  For many taxpayers beginning a new business, there are always concerns and questions about decisions to be made.  How to finance the new endeavor, where to locate the office, and who

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Posted in November 2019 Newsletter

Social Security Max Increases to $137,700 For 2020

by Andrew D. Schwartz CPA Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2020, the maximum wage base jumps to $137,700, an increase of $4,800, or 3.6%, over the max of $132,900 that

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Posted in November 2019 Newsletter

How to “FIRE”: Strategies for Becoming Financially Independent and Retiring Early

Last month, our firm hosted a live webinar in our Financial Boot Camp series titled “How to FIRE: Strategies for Becoming Financially Independent and Retiring Early”” which was recorded and is now available online. According to the presenter Alex Oliver from First

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Posted in November 2019 Newsletter

Defer and Possibly Reduce Taxes on Capital Gains By Investing in a Qualified Opportunity Fund

 One of the most interesting wrinkles of the Tax Cuts and Jobs Act was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. Under a nomination

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Posted in November 2019 Newsletter

Tax and Financial Planning Calendar for November 2019

Month Income Taxes Saving and Investing NOVEMBER Need to make applicable elections in connection with employer’s flexible spending account Good time to make semi-annual donation of clothing and household items to charitable organizations.  Don’t forget to make a list, including

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Posted in November 2019 Newsletter