Retirement Plan and HSA Limit Increases for 2015

By |2014-12-24T13:50:00+00:00December 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+00:00December 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+00:00September 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

NerdWallet: Roth IRA Contribution

By |2014-02-23T20:50:00+00:00February 23rd, 2014|Categories: Tax Planning|Tags: |

I made a non-deductible "Backdoor" Roth IRA Contribution (to get around income limits), and my taxes went up in TaxAct when filing taxes. I am using a 1099-R that I received with a Gross distribution (box 1) and Taxable amount (box 2) in agreement, plus 2b checked (taxable amount not determined). Distribution code is showing "02 [...]