Taxes

With the increase of the Standard Deduction, many clients found that they weren’t itemizing anymore, and discovered they were missing out on the tax benefits of making charitable contributions.  Charitable Stacking is a way to fix that.  

We’re doing a lot of year-end tax checks with clients; it’s a regular November/December activity, but a tax check is even more important this year.  It’s been an unusual year - some clients have more taxable income than usual (unemployment, PPP, HHS/Cares Grants) and others have lower-than-usual income (missed paychecks, skipped Required Minimum Distributions).  We&r

With some schools expected to stay closed for a while, many families are considering hiring a nanny or tutor to help care for children while parents work and to help their kids keep learning.  Childcare is expensive.  Average childcare costs range from $17,193 per year in the South to $24,815 in the Northeast – not too different than a year at a public college, we've se

With the tax-filing deadline behind us, many people are suffering tax-related sticker shock.  What would it take to have a better tax-season next year?  Here is a quick checklist of ideas; not all will apply, and of course there are caveats and limitations to almost every one of them.  We’ll get detailed and down in the weeds when strategizing with your personal situation i

While you are working, you add money to your investments to build a nest egg.  In retirement, it’s time to start taking that money back out.  The income goal in retirement is to mimic the paycheck you were receiving while you worked.  This new “paycheck” often comes from several sources, including Social Security and/or pension payments, and perhaps rental incom

Donor Advised Funds have received a lot of attention lately.  A quick primer: They let you make a tax-deductible contribution into designated investment accounts which can grow until you make distributions to charities of your choice.

When investments are down, one financial strategy is to convert your traditional IRA to a Roth while the value is reduced so you pay taxes on the decreased value. If and when the market rebounds, that rebound will be in the Roth’s tax-free environment.

If you do a quick Google search to find out how much you can contribute to your 401k, you’ll usually find that the most you can defer from your salary is $19,500*. In reality, the maximum that can go into a 401k is $57,000*.

*If you’re over 50, add $6,500 to both of these numbers.

If you have recently remodeled your dental practice, built out a leased space, or constructed a new building for your practice, you might want to consider having a Cost Segregation study done to maximize the tax benefits related to the project.  

It's the time of year to be thinking about year-end deadlines.  Here’s a quick checklist – not all-inclusive, but hopefully helpful: