New IRS Tax Withholding Estimator – January 16, 2020

The IRS has created a new Tax Withholding Estimator, based on the significant changes under the Tax Cuts and Jobs Act.  The new Tax Withholding Estimator offers workers, as well as retirees, self-employed individuals and other taxpayers, a simpler tool to determine the correct amount of income tax they should have withheld from wages and […]

Year-End Retirement Planning Checklist – December 31, 2019

YEAR-END PLANNING CHECKLIST Holidays can be stressful, but take advantage of any travel delays or down time with a cup of cocoa and go over your year-end financial and retirement planning checklist. Yes, reviewing this now can save you from tremendous stress down the road. Here are just a few basic issues that can cause […]

Tax Tip Tuesday – Diversification – July 23, 2019

Are  you  familiar  with  strategies  that  are  available  to  help  you  spread  your  investments   across  taxable,  tax-­‐deferred  and  tax-­‐free  accounts? The  subject  of  “diversification”  is  often  discussed  when  topics  such  as  mutual  funds,   stocks,  bonds,  real  estate  and  other  investment  classes  are  on  the  table.  However,  what   about  tax  diversification? The  primary […]

Tuesday Tax Tip – Protecting Yourself from a Plunging Market – May 14, 2019

Just because the market takes a dive, doesn’t mean your nest egg has to. Despite market volatility, anybody with a safe, guaranteed investment option can sleep well knowing their money is right where it should be…protected from market volatility. Fixed Indexed Annuity (FIA) owners, for example, have been sleeping well these past few days knowing their […]

Tuesday Tax Tip – What A Will, Will and Will Not Do – April 30, 2019

Sound confusing? Many Americans are confused by what can and what cannot pass by their will. Many also assume that a will takes care of everything. There are several situations in which a will does not control the transfer of an asset. Disposition of property may be determined by state law, federal law or a […]

Tuesday Tax Tip – Naming a Trust as Your IRA Beneficiary – 4/23/19

Do you plan to name your trust as the beneficiary of your IRA? While a trust may be ideal for most of your estate, naming a trust as the beneficiary of your IRA is not usually the most tax efficient move. Even assuming a trust has been properly drafted (commonly called a “see-through trust”), a […]

Tuesday Tax Tip – Are You Responsible for a Gift Tax? – 2/6/19

If you give a non-spouse a gift valued more than the annual exclusion amount, you could be  subject to a gift tax. For 2019, the annual federal gift tax exclusion amount for gifts to a non-spouse is $15,000 per person, per year. If you are married, you and your spouse may give up to $30,000, […]

Tuesday Tax Tip – Contribution Limits Increase – 1/22/19

Retirement Plan Contribution Limits have already increased for 2019.  Here is a simple overview: Source:  

Tuesday Tax Tip – Prohibited Transactions and IRAs – 1/15/19

A prohibited transaction is an impermissible transaction under the Internal Revenue Code that occurs between an IRA and a disqualified person. Disqualified persons include the IRA owner, the owner’s spouse, the owner’s lineal descendants (and their spouses), IRA beneficiaries and any IRA fiduciary. If you engage in a prohibited transaction, under IRS rules, your entire […]

Check Withholding Now To Avoid Tax Surprises Later

With the year more than halfway over, the Internal Revenue Service urges taxpayers who haven’t yet done a “Paycheck Checkup” to take a few minutes to see if they are having the right amount of tax withholding following major changes in the tax law. A summertime check on tax withholding is critical for millions of […]