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 to choose as the right advisors such as a CPA/attorney/IT consultant, etc.?  And being a… Continue reading Benefits of small business owners of hiring family members – Part I:

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 was in place for 2019. At a rate of 6.2%, the maximum Social Security taxes… Continue reading Social Security Max Increases to $137,700 For 2020

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 National Corporation: “With the stock market on a record long run, the FIRE movement to… Continue reading How to “FIRE”: Strategies for Becoming Financially Independent and Retiring Early

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 process completed in June 2018, 8,761 communities in all 50 states, the District of Columbia, and… Continue reading Defer and Possibly Reduce Taxes on Capital Gains By Investing in a Qualified Opportunity Fund

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 each item's condition, since only items "good or better" qualify for deduction. Contact an MDTAXES… Continue reading Tax and Financial Planning Calendar for November 2019