stimulus check

Understanding the Affordable Care Act (ACA) Tax Penalty

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential”…
Tax saving strategies

Tax Saving Strategies for Mid-Year

In the quest to reduce your tax bill, year end planning can only go so far. Tax saving strategies take time to implement, so review your options now. These 3 tax saving strategies for mid-year can be very effective: 1. Consider your bracket The…
vacation home

Understanding the Tax Consequences of Vacation Homes

Do you own a vacation home that you rent out and use personally?  Make sure you understand the potential tax consequences of vacation homes: If you rent it out for less than 15 days: You don’t have to report the income. But expenses…
GST Tax

Beware the Generation-Skipping Transfer (GST) Tax?

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. Beware the Generation-skipping…
Stretch IRA

How to Convert Your IRA into a Stretch IRA

The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your…
Retirement savings

Are Your Retirement Savings Safe from Creditors?

A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed, it won’t do much good if you wind up with no wealth to share with your family.  Are your retirement savings safe from creditors? If…