Tax Planning

/Tax Planning

Double-Check Your Tax Withholding This Year

By | 2018-09-12T20:36:50+00:00 September 12th, 2018|Categories: Single Point of View, Tax Planning|Tags: |

We thought we'd share this great article (click below) highlighting the importance of reviewing your tax situation this year, specifically with respect to any withholdings from W2 income. In the wake of last year's tax reform it's more important than ever to review your paystub to ensure tax withholdings are accurate for your individual circumstances. It's [...]

Charitable Giving in a Post-Tax Reform World

By | 2018-07-03T14:22:56+00:00 July 3rd, 2018|Categories: Charitable Planning, Single Point of View, Tax Planning|Tags: , , , |

The tax law changes at the end of 2017 drastically changed the landscape for deductible expenses – these changes have a major impact on tax optimization and planning strategies going forward. Back-up – what are deductions? Taxpayers have two deduction options when filing a return.  They can take the standard deduction (a flat amount based on [...]

Tax Law Changes Impact on Your Stock Options

By | 2018-06-12T21:15:21+00:00 May 1st, 2018|Categories: Investment Planning, Single Point of View, Tax Planning|Tags: , , |

Four months into 2018 and many are still digesting the changes to the tax code resulting from the Tax Cuts & Jobs Act (TCJA).  To date, there’s been a lot of buzz about the impact on business owners and the limit of state and local tax deductions.  However, the bill also has major implications for [...]

Hiring Household Help? Don't Forget about your FSA.

By | 2015-10-05T18:25:00+00:00 October 5th, 2015|Categories: Tax Planning|Tags: |

Since this is the time of year where families may have just made some change to their household help  either for their children or an elderly parent, it is a good time to make sure you are aware if your company offers a Dependent Care Account (Flexible Spending Account).  Below is a case study that summarizes [...]

Tax Laws for Household Employees

By | 2015-06-05T18:48:00+00:00 June 5th, 2015|Categories: Tax Planning|Tags: |

When a family hires an individual to perform duties in or around their home, they are considered a “household employer.” The IRS views the worker — whether a nanny, health aide, housekeeper, gardener, cook/chef, personal assistant, estate manager, etc. — as an employee of the family. Misclassifying an employee as an “independent contractor” is considered tax [...]

Earned Sick Time Safe Harbor for Employers

By | 2015-05-18T19:37:00+00:00 May 18th, 2015|Categories: Tax Planning|Tags: |

July 1 is fast approaching for businesses impacted by the new Earned Sick Time Law. However, the Attorney General is issuing a safe harbor to afford some businesses until January 1, 2016 to come into full compliance. If you already provide employees with paid time off, this may be of use to you. If you have [...]

Retirement Plan and HSA Limit Increases for 2015

By | 2014-12-24T13:50:00+00:00 December 24th, 2014|Categories: Tax Planning|Tags: |

The numbers were released back in October, but the first week of January is the time where many folks increase their automatic deferrals into 401k plans and other tax favorable accounts. With that said,we thought it would be timely to remind everyone of the increase in limits for 2015. Below is a brief summary of the [...]

Year End Tax Planning

By | 2014-12-19T16:39:00+00:00 December 19th, 2014|Categories: Tax Planning|Tags: |

Looking for some opportunities to do some year end tax planning?  Below is a link to 2 great lists from Samet & Co., a CPA firm in the Boston area.  This is one of the best lists we've seen this year outlining strategies for actions you can take before year end.  One for individuals and one [...]

Year End Gifting

By | 2014-09-09T12:45:00+00:00 September 9th, 2014|Categories: Tax Planning|Tags: |

Family Loan-Forgiveness of principal vs forgiveness of debtCredit Card Miles529 ContributionsOutright gifts of up to $14,000 per person-$28,000 from a couple2x for december and january for particular goalLifetime exemptionWhat is not considered a gift