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December142015
Avoid a 50% Penalty: Take Retirement Plan RMDs by December 31

After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). […]

December072015
Don’t Miss Your Opportunity to Make 2015 Annual Exclusion Gifts

Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in […]

November302015
Year-end Strategies to Reduce Taxes on Investment Income

While economics — not tax consequences — should drive your investment decisions, it’s important to consider taxes. Higher income taxpayers may be facing the 39.6% short-term capital gains rate, the 20% long-term […]

November232015
Tax-deductible Contributions to Qualified Charities

Donations to charities are generally tax-deductible if the charity is qualified by the Internal Revenue Service. You can check with the IRS’s online search tool, Exempt Organizations (EO) Select Check […]

November162015
Saving for college through a 529 savings plan

You should start saving for your children’s college education long before they start attending college. Saving through a Section 529 plan may provide you with several benefits. While contributions are […]

November092015
Tax consequences of refinancing your home (Part 2 of 2)

With certain limitations, points paid (i.e. prepaid interest) on the acquisition of a qualified residence are deductible in the year paid. The treatment of points paid on a refinancing are […]

November022015
Tax consequences of refinancing your home (Part 1 of 2)

While interest rates are still low, you may be considering refinancing the mortgage on your principal residence or second residence to take advantage of low interest rates.  You should beware […]

October262015
To Bunch or not to Bunch?

Most moderate or high income taxpayers will not receive a federal tax benefit for their unreimbursed medical expenses. While medical expenses are deductible as an itemized deduction, taxpayers can deduct […]

October212015
Using an S Corporation to Minimize FICA and Medicare Tax

An S corporation shareholder-employee is required to earn at least a reasonable salary paid through a W-2. The W-2 wages will be subject to the normal payroll tax for both […]