Double (and Triple) IRA Season is Here – January 2019

The start of each year might be considered “Double IRA” season. Until mid-April (the 15th, in 2019), you still can make contributions to an IRA for 2018, if you have funds you’d like to save for retirement. Most workers and their spouses may each contribute up to $5,500 or $6,500 for those who were 50 or older at the end of 2018.

What’s Inside

  • Double (and triple) IRA season is here
  • Drive cautiously but carry ample auto insurance
  • IRS says business meal deductions still apply
  • Tax calendar
READ ISSUE

The New SALT Deduction Limits Will Affect Home Sales – December 2018

The Tax Cuts and Jobs Act (TCJA) of 2017, sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than $10,000 can be deducted in state and local tax (SALT) payments on a single or joint tax return.

What’s Inside

  • The new SALT deduction limits will affect home sales
  • Powers of attorney can be vital documents
  • How to handle year-end bonuses
  • Tax calendar
READ ISSUE

Year-End Planning Under The New Tax Law – November 2018

The Tax Cuts and Jobs Act of 2017 (TCJA), passed at the end of last year, generally took effect in 2018. Therefore, the fourth quarter of this year provides the first real opportunity for year-end planning under what has been called the most important tax law passed in more than 30 years.

What’s Inside

  • Year-end planning under the new tax law
  • Sizing up the standard deduction
  • Year-end tax planning for charitable donations
  • Year-end tax planning for investors
  • Year-end retirement tax planning
  • Year-end business tax planning
READ ISSUE

A Grain of SALT In New IRS Notice – September 2018

Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be deducted instead of income tax.) However, as of 2018, the Tax Cuts and Jobs Act of 2017 provides that no more than $10,000 of these state and local tax (SALT) expenses can be deducted on single or joint tax returns ($5,000 for married individuals filing separately).

What’s Inside

  • A grain of SALT in new IRS notice
  • Life insurance as the ultimate hedge
  • Funding your buy-sell with life insurance
  • Tax calendar
READ ISSUE

How The New Tax Law Affects 529 Plans – August 2018

For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages.

What’s Inside

  • How the new tax law affects 529 plans
  • Now the G.I. Bill is forever
  • Education as a small-business fringe benefit
  • Tax calendar
READ ISSUE