Should I pay investment management fees out of my IRA?

If you work with an investment manager, you pay an investment management fee for the service. Since investment management fees are substantial, it is smart to maximize any related tax benefits. Prior to the Tax Cuts and Jobs Act of 2017, investment management fees were deductible as Miscellaneous Itemized Deductions subject to the 2% of . . . 

Make the Tax Law Work For You (Video)

On January 24, 2018, we discussed the new tax law’s impact on business owners and real estate investors. Part 1 of the video discusses individual tax rates, itemized deductions, and changes to business deductions. Part 2 of the video discusses C Corporation tax rates and the new Qualified Business Income Deduction. Information to set a base . . . 

Final Tax Bill – Analysis and Action Items

On December 15, 2017, the final version of the legislative text was released with the expectation to be signed into law by Tuesday, December 19th. I can say with confidence that this bill did not make taxes simple again. In fact, it is going to take months or years before we can identify all the . . . 

Tax Reform for your Small Business

On November 2, 2017, Congress released full details of 2018 tax reform proposals. Included in the proposals are changes for individuals and businesses. It passed 227-205 in the house on November 16, 2017. The Senate has variations to this bill. I noted some of them in the text below, but this article is primarily focused . . . 

Your Action Plan for Pending Tax Reform

On November 2, 2017, Congress released full details of 2018 tax reform proposals. Summary version found here. Previously we had a skeleton (or less) version of the proposed tax changes. The majority of that outline remains intact. It is expected that this bill will be pushed through the house quickly with an expectation that by . . . 

Reduced 401(k) Tax Deduction? So What?

Word on the street this week is that deductible 401(k) contributions could be capped at $2,400. President Trump then rescinded that idea. Previously, there were stories that the deduction for 401(k) plans would go away completely. What replaces a deductible 401(k) isn’t clear… there could be Roth accounts or non-deductible accounts. It is well documented . . . 

Dependent Care FSA or Dependent Care Credit?

Deciding between the Dependent Care Flexible Spending Arrangement (DCFSA) and the Credit for Child and Dependent Care Expenses can be confusing. Let me break down the rules, so you don’t overpay for childcare. You must work or actively look for work Whether you are using the DCFSA or Credit for Child and Dependent Care Expenses, you . . . 

Protect Against Identity Theft – A Comprehensive Guide

What do Equifax, Target, and Verizon all have in common? Their customers’ personal information has been exposed to criminals. This might include you. Data breaches seem to occur with so much frequency it’s almost expected. The frequency of data breaches has distilled the perceived impact it can have on you. The fact is … you . . . 

Simple Financial Planning

In the world of financial planning, there is an endless amount of advice. Because of this never-ending list of advice, it might be hard to get started with your financial plan. However, financial planning can be distilled down into six key principles: Awareness of your financial situation Optimize your spending Establish an emergency fund Save . . . 

8 Step Retirement Planning Checklist

Retirement checklist

You are within a year of retiring, congratulations! While it is time to be happy, there are a few items to get out of the way. At this point you have identified you have enough money, you have an idea how you will spend your time, and invested in a way that fits your goals. . . .