Tax Document Information

Tax Document Information

1099s: Please be aware that most taxable account 1099s and consolidated tax forms for brokerage and managed accounts may not be mailed out by the end of January. These types of accounts, because of their complexity of reporting, take a couple of extra weeks to be mailed out. Typically they are available by the middle [...]
Tax Season is Over…or is it?

Tax Season is Over…or is it?

For many Americans, the annual April tax filing deadline marks the end of tax discussions for the year. But that could be a mistake, especially in 2018. That’s because recent changes to the tax law under the Tax Cuts and Jobs Act of 2017 underscore the importance of ongoing planning to avoid surprises and take [...]
Tax Updates and Information

Tax Updates and Information

The Tax Cuts and Jobs Act of 2017 ushered in a broad range of changes impacting virtually all American taxpayers. Along with rate adjustments across seven tax brackets, one of the biggest changes is the elimination of the personal exemption and the increase in the standard deduction, which has nearly doubled to $12,000 for single [...]
2017 Tax Document Information

2017 Tax Document Information

As we approach tax season, below is important information regarding the documents related to investment accounts with our firm. 1099s: For IRA and retirement account distributions done in the previous year, the 1099-R forms should be mailed out and available by January 31st each year. Please be aware that most taxable account 1099s and consolidated [...]
Timeline For Keeping Important Documents

Timeline For Keeping Important Documents

Knowing which financial and personal paperwork to keep or toss is very important. Here’s a suggested timeline for keeping/shredding documents. Documents which should be kept indefinitely - in a secure location: Birth/death certificates and Social Security cards Marriage Licenses and Divorce Decrees Pension plan documents Copies of wills, trusts, health care proxies/living wills and powers [...]

Lowering Your Income Tax Bill

With the new year we all start thinking about income taxes and that dreaded April 15th deadline. For many, this is the time to make annual contributions to t IRAs for a tax deduction. Here are the limits and rules that apply. The maximum annual contribution for an individual IRA is: $5,500 per person - [...]
17 Year End Income Tax Strategies

17 Year End Income Tax Strategies

All of the following strategies are not applicable to everyone, and none should be used without first seeking the advice of a Certified Public Accountant (CPA) as tax laws are constantly changing and vary depending on each individual situation. Some strategies are applicable only for business owners. These are noted with a double asterisk **. […]

Creatived Giving – PART 6 – The Donor Advised Fund Continued

Creatived Giving – PART 6 – The Donor Advised Fund Continued

THE DONOR ADVISED FUND Last week I introduced a tool for leaving a financial legacy called a donor advised fund. I also shared three scenarios where a solution for leaving a financial legacy was needed. In all three of these scenarios, a donor advised fund may be used to more efficiently accomplish short and long […]