How Will Working after Retirement Affect Your Social Security Benefits?
In one survey, 79% of current workers stated they plan to work for pay after retiring.1 And that possibility raises an interesting question: How will working affect Social Security benefits? To answer that question requires an understanding of three key concepts: full-retirement age, the earnings test, and taxable benefits. Full Retirement Age Most workers don’t face an…
Estate Tax Planning Tips for Single People
Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and…
Tax Cheer for Holiday Gifts to Employees
With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards. Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your goodwill may be quite different. Typically, it depends on the…
TCJA Offers Innovative Ways to Deliver Client Service
By Stephen Boisvert, CPA, MST, CExPTM | Tax Manager It should be no surprise that the topic of the day in the field of income taxes is the Tax Cuts and Jobs Act (TCJA). Like other tax reform packages in the past, the TCJA is a mixed bag of legislation. Some of it will affect…
IRS Ups the Ante on Retirement Contributions
Every year, the IRS releases cost-of-living adjustments to qualified retirement plan amounts. For tax year 2019, many of the limits applicable to pensions and other retirement plans will increase. But some will remain unchanged from 2018. Annual Adjustments The following limits will increase for 2019 based on the cost of living: The elective deferral limit for…
Make a Tax-Smart Redemption of C Corp Stock
Do you have too much of your net worth tied up in your family C corporation? Consider bailing out some or all of that hard-earned wealth with a stock redemption. Here’s an explanation of why the federal income tax results for stock redemptions are far better today than in the past when much higher tax rates…
Itemized Tax Deductions Series
This five part mini series by Gelman, Rosenberg & Freedman CPAs Tax Manager Stephen Boisvert, CPA, MST, CExP will help taxpayers understand the impact of the Tax Cuts and Jobs Act (TCJA). These videos will cover the changes to Schedule A including, medical, state and local tax (SALT), mortgage interest and charitable deductions. Part 1…
Child & Dependent Tax Credits
Tax Manager Stephen Boisvert, CPA, MST, CExP addresses recent changes to the child and dependent tax credit. Watch this short video which explains the new rules for January 2018 – December 2025, and offers real life examples to help viewers anticipate the potential impact to their own tax situation. For specific questions, use the Contact…
2018 Year-End Tax Planning
With the year coming to a close and the income tax filing deadline near, now is the time to invest resources in tax planning — particularly in light of the major U.S. tax reform provisions that took effect in 2018. See our recent Industry Alert about some of the landmark federal and state changes this…
Are You Eligible for the New Dependent Credit and HOH Filing Status?
The IRS continues to publish guidance to clarify provisions of the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about qualifying for the new $500 tax credit for dependents and beneficial head of household (HOH) filing status based on having a non-qualifying-child dependent. New Non-Qualifying-Child Dependent Credit For 2018 through 2025, the…