The most common and powerful tools to help individuals save for retirement are IRA and 401(k) accounts. Both types also offer a “Roth” option, but most folks are not familiar with the similarities or differences between them, or know when a Roth is more advantageous tax wise for different stages of life. You might even
Yours, Mine, & Ours: Investing for a Blended Family
You may have noticed that multiple marriages, divorces, step-parents, bonus parents, single parents, and life partners make up numerous households across the country, and provide a second chance for happiness for many. However, navigating the unique financial needs of blended families can be a challenge. There may be children from a previous marriage, stepchildren from
Election Year 2024 Portfolio Planning
It’s October, and it’s time to think about how the outcome of the election could impact our economy, our markets and, of course, YOUR money. Even if the election doesn’t go your way, your financial success is in your hands. Here’s a few ideas to help you make the most of the financial opportunities that
Educator Expense Tax Deduction
We are at the beginning of a new school year, and that means everyone, both parents and teachers have spent money on school supplies. Studies have shown that roughly 94% of teachers pay for their own supplies for their classrooms. In addition to the Back to School Sales Tax Holidays that many states have, there
529 Plans Are For Adults Also!
If you were a parent or grandparent who recently used contributions to a 529 plan to finance the cost of school for your child or grand-child, you may be wondering if a 529 plan might also be used by adults for themselves to get a degree or take classes later in life? The answer is
20 Tax Tips to Tame Your Tax Bill
While most people tune into taxes in March and April due to the annual deadline, tax planning is most effective when it is a year-round endeavor. Here are 20 of our CPA’s best tips to use throughout the year, to make the most of your tax return come tax time. Gift Tax Exclusion Currently,
Count on Summer Camp Tax Credits
School is out and that means it’s time for summer camp for the kids. Although summer camps can be expensive, whether it’s band, theatre, computer, or sports camp, the Child And Dependent Care Credit provides a welcome tax break for many parents! If you are working and responsible for the cost of childcare, you qualify
Beware SETC Tax Scams!
The IRS is constantly notifying taxpayers about scams that are circulating, in addition to releasing its annual “Dirty Dozen” list of tax scams. Recently, there has been an increase in the amount of bad tax advice going around on social media. Everyone needs to be careful about what they read on social media, but especially
Tax Breaks for Taking Care of Mom and Dad
Since Mother’s Day is almost here and Father’s Day is right around the corner, we wanted to remind clients about the tax benefits which exist for adult children taking care of their elderly parents. The Bureau of Labor says that over 37 million people in the U.S.A. are involved in eldercare. According to AARP, 78%
Ten Tax Tips to Make That Dream House Your Own
Buying a home can be difficult and expensive. Thankfully, there are tax breaks that can help you in your quest to become a homeowner, and also assist you with the mortgage and maintenance. Our tax experts have put together a list which can provide great savings for those who qualify. Using 401(k) or IRA funds
