Plan Your 2023 Retirement Contributions

Now is the time to plan next year's retirement contributions. Here's what you need to know. Tip Category: Planning As part of your planning for next year, now is the time to review funding your retirement accounts in 2023. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher …

Continue reading Plan Your 2023 Retirement Contributions

Should You Expense or Depreciate Your Capital Asset?

Section 179 and bonus depreciation let you take larger, short-term deductions for capital purchases. Does it make sense for your business to take advantage? Tip Category: Deductions If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax …

Continue reading Should You Expense or Depreciate Your Capital Asset?

Don’t Run Afoul of the IRS’s Nanny Tax

The IRS is enforcing Nanny Tax rules that regulate whether a domestic worker you pay is considered a contractor or employee. Tip Category: Miscellaneous The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. So be careful if you regularly pay a gardener, housekeeper, …

Continue reading Don’t Run Afoul of the IRS’s Nanny Tax

Leveraging Your Children’s Lower Tax Rate

One of the best places for parents to look for tax savings You can legally lower your tax by shifting unearned income to your children. Here are some ideas. Tip Category: Your Income If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code …

Continue reading Leveraging Your Children’s Lower Tax Rate

Client Update Newsletter: October 2022

Here are some tax planning strategies to consider before the end of 2022. Also read about some ideas to improve your personal cash flow and the ingredients of a successful business partnership. Watching summer transform into beautiful fall colors can be just as mesmerizing as tax planning. Similar to looking closely for gorgeous autumn scenery, …

Continue reading Client Update Newsletter: October 2022