There are a variety of scams and fraudulent schemes that target older adults. IRS impersonation scams are the most prevalent scams targeting older adults, but financial scams can take a variety of forms. Unfortunately, funds stolen as a result of these scams are often never recovered. You can ensure this doesn’t happen to your lovedRead more about Help Older Adults Avoid Financial Scams[…]

Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (sometimes referred to by the nickname “munis”) or municipal bond funds generates tax-free interest income. Here is what you need to know. Tax advantages of municipal bonds You pay zero federal tax on municipal bond investment income. DependingRead more about Municipal Bonds: An Investment with Tax Breaks[…]

It’s possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by typical health insurance policies. Thankfully, there is a medicalRead more about How to Maximize Deductions for Assisted Living[…]

The IRS remains on the lookout for tax scams that can hoodwink unsuspecting taxpayers. Recently, two new variations of past scams have been discovered to be on the rise. Here’s what you need to know: Scam 1: The SSN hustle The scam: This scam resembles another where callers impersonate IRS agents. In this version, theRead more about IRS Alert: Two New Tax Scams[…]

It’s sad, but true: Half of all new businesses fail within the first five years. Although lots of factors contribute to business failure, a common culprit is poor cash management. All businesses must deal with the uncertainty of fluctuating sales, inventories and expenses, but managing these risks is especially important for small businesses with limitedRead more about Cash Flow Tips for Small Businesses[…]

One of the basics in retirement is to be as tax efficient with your income as possible. In 2019, income tax rates range from 0% to 37%, plus a potential 3.8% net investment tax. Understanding how these progressive tax rates apply to ordinary income creates planning opportunities in retirement. The basic concept Many retirees haveRead more about Retirement Basics: Understanding Tax Efficiency[…]

With summertime activities in full swing, tax planning is probably not on the top of your to-do list. But putting it off can create problems at the end of the year when there’s little time for changes to take effect. If you take the time to plan now, you’ll have six months for your actionsRead more about Effective Tax Planning Starts Now[…]

A Health Savings Account (HSA) is a tax-advantaged savings account whose funds can be used to pay qualified health care costs for you, your spouse and your dependents. The account is a great way to pay for qualified health care costs with pre-tax dollars. In fact any investment gains on your funds are also tax-freeRead more about 2020 Health Savings Account Limits[…]

The Tax Cuts and Jobs Act of 2017 (TJCA) made significant changes to how most people calculate their taxes, including a doubling of the standard deduction. One of the results of these changes is that a lot of people are under the impression that there are no longer any tax benefits given for charitable contributions.Read more about Three Ideas for Charitable Deductions[…]

Business travel is still tax-deductible, under the Tax Cuts and Jobs Act of 2017 (TCJA), but there is a major difference now. Relatively few individuals will be able to claim such deductions; for the most part, deductions can be taken only at the company level. How is this different from prior law? Before the TCJARead more about New Rules for Business Travel Deductions[…]