Estate planning Archives -

Do your tax strategies need a refresh? The best tax planning strategies for you will evolve as your situation changes, whether due to life events, economic developments or new tax laws.

By QuickBooks Expert|2023-12-21T11:13:52-05:00December 21st, 2023|Accounting and Auditing, Business, Estate planning, Taxation|

As the year draws to a close, it is important to assess your financial situation and consider strategies to optimize your tax position for the upcoming tax season. This year-end tax planning guide serves to help you make informed decisions that can positively impact your tax liability. Year-End Tax Planning Steps: Individual Planning: Take a [...]

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ONE-TIME THING: IRA TO HSA TRANSFERS

By QuickBooks Expert|2023-10-26T09:22:36-04:00November 20th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? According to the IRS, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as [...]

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DON’T GET CARRIED AWAY BY A WINDFALL

By QuickBooks Expert|2023-09-25T10:27:03-04:00October 16th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away by a windfall and end up in worse financial shape. If you’re hit with a financial windfall, here are some points you should know. RISKY CONDITIONS Perhaps the most obvious [...]

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SAFEGUARDING YOUR CRITICAL DOCUMENTS

By QuickBooks Expert|2023-08-29T11:29:38-04:00September 25th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

So many of the documents we all use in our personal lives these days are digital. However, there are still many that you should retain as hard copies. These include: Birth, marriage and death certificates Social Security cards Tax returns Passports Estate planning documents, such as deeds and wills Be sure to safeguard [...]

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WEIGHING THE PROS AND CONS OF LTC INSURANCE

By QuickBooks Expert|2023-08-29T11:03:18-04:00August 29th, 2023|Accounting and Auditing, Business, Estate planning, Uncategorized|

The COVID-19 pandemic and its aftermath have significantly affected our lives in many ways that are still playing out. For example, the pandemic has served as a reminder of how difficult an unexpected medical crisis may be to manage financially. It has also reinforced the importance of guarding against the risk of such crisis before [...]

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COMPILING A MARITAL BALANCE SHEET IN DIVORCE

By QuickBooks Expert|2023-07-24T09:58:40-04:00August 28th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation, Uncategorized|

Divorce is difficult for everyone involved. You can ease the process somewhat by begin organized. A financial expert can help you with the first step: compiling a martial balance sheet of assets you own and the liabilities you owe, as a couple. Typical assets include the money in savings and checking accounts; vehicles and equipment; [...]

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