Finding Solutions

 The holidays are behind us. We have set our New Year’s resolutions. We are ready to tackle 2018. We provide for our families. We work to pay for food, a roof over our heads, and medical needs. With discretionary funds left over, we make a plan, if only in our head to...

Year End Financial Planning

 This is a busy time of year and each of us should budget some time for year-end financial planning. Year End Financial Planning may include a number of issues including, tax planning, investment changes, employment benefit elections, gifts, and cash flow. Tax...

Is My Inheritance Taxable?

The short answer is maybe? The long answer is it depends. The taxability of inheritance depends on the tax attributes of what is left to the beneficiaries. Some items will pass to the beneficiaries tax free. Common items in this category are Cash, Roth IRAs and Real...

Quotes from Warren Buffet

 Are you a participant in a 401K, 403B, Pensions Plan, Profit Sharing Plan, or other similar plan? If yes, do you expect to roll over your plan assets to an IRA some day? If yes, are you prepared to choose investments yourself? Most of us are not. We may have some...

Possibilities, Potentials, and Opportunities

When I think of the word possibilities, I think of all things possible in the universe for a given situation. When I think of the word potentials, I think of all that I am currently capable of, or can become capable of. When I think of the word opportunities, I think...

Managing a Trust or Estate

 Managing a trust or estate has many challenges including investments, valuations, trustee/executor concerns, beneficiary concerns, and legal and accounting issues. You as the trustee/executor have the responsibility to make sure it all gets done. Some CPA’s are...

Teaching Our Kids Financial Responsibility

 As a CPA, I have insight to both good and not so good financial decisions. Start teaching your children about money when they are young.  When your kids are old enough to understand your instructions, let him or her hand the cashier money and get the change. A small...

Your CPA is Now Ready to Take on New Projects

 Your CPA is available year-round to help you.  Now that the busiest portion of the tax return filing season has come and gone, your CPA now has more time available to help you.  Your CPA can help you with critical decisions with the following types of projects: •...

Possibilities, Potentials and Opportunities

 When I think of the word possibilities, I think of all things possible in the universe for a given situation. When I think of the word potentials, I think of all that I am currently capable of, or can become capable of. When I think of the word opportunities, I think...

Hiring the Right CPA

 The right CPA (Certified Public Accountant) can be very helpful when you file your tax return.  Did you know that CPAs are required to continuously update their level of knowledge to maintain their license?  Did you know their continuing education requirements...

Finding Solutions

Ok, the holidays are behind us.  We have set our New Year’s resolutions, maybe.  We are ready to tackle the 2017 year. Those of us, who provide for our families, have well-meaning intentions.  We work to pay for food, a roof over our heads, and medical needs.  Some of...

Tax Planning with Uncertainty

 If you want to increase your net worth by decreasing your future taxes, you must ask yourself what can I do now and each year in the future. Congress is working on changing the Federal Tax Code.  How the change will affect each of us is the big question.  No one...

Thanksgiving

Thanksgiving is coming up and I am getting excited.  Thanksgiving is my favorite holiday.  Thanksgiving is a non-religious holiday and everyone is included.  As I watch Thanksgiving celebrated in my neighborhood, I see gatherings of families and friends to help each...

How Much Do I Need to Save for Retirement?

 As you’ve probably heard it said before, it’s never too early to start planning for retirement.  How much do you need to save to be comfortable after you stop working?  What factors should you consider to help in the planning process? The traditional approach to...

Managing a Trust or Estate

 Managing a trust or estate has many challenges including investments, valuations, trustee/executor concerns, beneficiary concerns, and legal and accounting issues. You as the trustee/executor have the responsibility to make sure it all gets done. Some CPA’s are...

Hiring the Right Professional

 Do you take the time to hire the right professional for you? A recent tax case has highlighted the importance of hiring the right professional.  This case involved a situation where the tax court ruled the IRS instructions were not to be followed, and a higher...

Hiring the Right Professional

 Do you take the time to hire the right professional for you? A recent tax case has highlighted the importance of hiring the right professional. This case involved a situation where the tax court ruled the IRS instructions were not to be followed, and a higher...

Year End Financial Planning

 This is a busy time of year and each of us should budget some time for Year End Financial Planning.  Year End Financial Planning may include a number of issues including, tax planning, investment changes, employment benefit elections, gifts, and cash flow. Tax...

Managing, Preserving and Maximizing Wealth

 Wealth can be defined as purchasing power.  Purchasing power is the amount of money you need to purchase a certain amount of goods and services. Managing one’s wealth includes how you put your money to work. Keeping costs down, getting the most value for the money...

Capital Gains Tax and Planning Opportunities

Capital Gains are taxed at various rates depending on the other items on your tax return.  Currently, the effective tax on capital gains range from zero percent to 44.1 percent.  The rate for you depends on the other income and deductions you report on your tax...