DO YOU NEED TO ADJUST YOU FEDERAL INCOME TAX WITHHOLDING AMOUNT? With over half the year already gone, now is a good time to check to see if you are on track to have about the right amount of federal income tax withheld from your paychecks for 2014. The problem with not having the correct [...]
MID-YEAR TAX PLANNING IDEAS Tax planning is a year-round process, so now is a good time to think about the following- Are you considering making a cash gift to a relative? If so, consider making the gift in conjunction with the overall revamping of your stocks and mutual funds held in taxable brokerage accounts to [...]
WHEN IS A MARRIAGE TERMINATED FOR TAX PURPOSES? A couple remains married for tax purposes until a final decree of divorce is issued by a domestic relations court; a domestic relations court issues a final decree constituting a legal separation under local law, requiring the couple to live apart; or the abandoned spouse rule applies. [...]
Start Planning Now for 2014 Income Taxes You may not have even completed your 2013 taxes yet. But now is an ideal time to start getting ready for your 2014 returns. We know that you’re in some stage of preparation for your 2013 income taxes. It may seem odd to start thinking about 2014 [...]
COVERDELL EDUCATION SAVINGS ACCOUNTS The Coverdell Education Savings Account (ESA) was created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is [...]
RETIREMENT PLAN REVIEW Your retirement plan savings (e.g., qualified plans and IRAs) are important to your financial wellbeing for many reasons. You can accumulate income without currently paying tax, and the power of compounding pretax dollars makes a retirement plan one of the most powerful investment vehicles available. When you reach retirement age, your retirement [...]