Our Accounting Articles
Donate Appreciated Stock for Twice the Tax Benefits
November 6, 2018
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?
Could “Bunching” Medical Expenses Into 2018 Save You Tax?
October 30, 2018
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into 2018 beneficial for some taxpayers. At the same time, certain taxpayers who’ve benefited from the deduction in previous years might no longer benefit because of the TCJA’s increase to the standard deduction.
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Financial Planning After Divorce
Divorces sometimes are as financially debilitating as they are emotionally draining. But as difficult as ending a marriage can be, as many as 876,000 Americans deal with it each year. Though the recovery process, both emotionally and financially, might take time, it also gives you the opportunity to exercise your financial power and independence. read more…
Making Gifts to Loved Ones? Consider All the Tax Consequences
October 23, 2018
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences.
Tax-free Fringe Benefits Help Small Businesses and Their Employees
October 16, 2018
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options.
Charitable IRA Rollovers May be Especially Beneficial in 2018
October 9, 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations.