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Will You Have to Pay Tax on Your Social Security Benefits?

Timothy King

Posted By: Timothy King

Posted August 25, 2020 / No comments

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your

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The President’s action to defer payroll taxes: What does it mean for your business?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted August 17, 2020 / No comments

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future.

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5 good reasons to turn down an inheritance

Cynthia Petschke

Posted By: Cynthia Petschke

Posted August 13, 2020 / No comments

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this action? Here are five reasons: 1. Gift and estate tax savings. This is often cited as

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The rules have changed regarding your IRAs, RMDs and estate plan

Robert Tighe

Posted By: Robert Tighe

Posted August 8, 2020 / No comments

Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, have had a direct effect on IRAs. In a nutshell, the CARES Act waives required minimum distribution (RMD) rules

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Rioting damage at your business? You may be able to claim casualty loss deductions

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 9, 2020 / No comments

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage

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2020 tax calendar

Robert Tighe

Posted By: Robert Tighe

Posted January 23, 2020 / No comments

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31

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Don’t be afraid of probate

Stephen Leazzo

Posted By: Stephen Leazzo

Posted November 27, 2019 / No comments

The word “probate” may conjure images of lengthy delays waiting for wealth to be transferred and bitter disputes among family members. Plus, probate records are open to the public, so all your “dirty linen” may be aired. The reality is that probate doesn’t have to be so terrible, and often isn’t, but both asset owners

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Parental priorities: How to choose a guardian for your child

Keith Orr

Posted By: Keith Orr

Posted November 26, 2019 / No comments

If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible. When it comes to choosing the best candidate, you probably already have a short list

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Using an e-certification process for 401(k) hardship distributions

Robert Tighe

Posted By: Robert Tighe

Posted November 13, 2019 / No comments

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end.

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You may be ABLE to save for a disabled family member with a tax-advantaged account

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 5, 2019 / No comments

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility

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