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Many parents are looking for ways to save for their child’s education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s K-12 education as well as...
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Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need but the downside is that the IRS considers that money taxable...
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Tax reform likely has you considering your business’s tax structure. We’ll show how you can use a spousal partnership to reduce your tax hit compared with a sole proprietorship. And here’s the real surprise: you can possibly save more money with this type of partnership compared with the S corporation. Strategy Overview It works like...
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Markets were again plagued by volatility in May, largely due to heightened political risk. The US administration’s approach to global trade, North Korea and Iran remain uncertain, while Italy’s new populist government added to market concerns. Risk-off sentiment contributed to a significant rise in the value of the US dollar, which strengthened 2% vs. a...
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The recent tax reform eliminated personal exemptions for taxable years after December 31, 2017, and before January 1, 2026. This makes your child worthless to you on your Form 1040. But there is a way to get even or, perhaps, much more than even. Let’s set the stage first. For taxable years after December 31,...
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As you likely know by now (I love assuming everyone has read the new tax bill), your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for...
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Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee who owns more than 2 percent, may suffer additional...
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Many couples face an uphill battle when one spouse has a catastrophic health crisis and needs long-term care. Most people are uninsured for the risk of the Medicaid spenddown and often the healthy spouse is faced with sticker shock when the nursing home bills start coming in. There are four rules that – when used...
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I’m confused.  We’re enjoying a highly unusual financial “cocktail” these days that combines one part low inflation, one part low unemployment, one part strong earnings and one part low interest rates.  We should be happier – share prices should be moving up – but they’re not.  Do you share my concerns? First quarter real GDP...
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One of my clients recently sent me a newspaper ad for CDs with surprisingly attractive rates. This CD promoted by Sun Cities Financial Group touted a 4.85% rate on an FDIC-insured CD with a 6-month term. According to Bank rate, the current national average for a 6-month certificate of deposit is 0.27% APY, with their...
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