From time to time when working with self-employed clients or those that have a side business, I find that the retirement plans they are using aren’t optimal. Sometimes they’ve outgrown the plan they started with. In other cases they didn’t know a better option existed. Whatever the situation, if you’re self-employed or do some freelance work and it’s been a while since you reviewed the options, you might find a better fit for your needs.[Read more…] about Optimal retirement plans for the self-employed and side businesses
To stay current with all that’s happening in the financial world and beyond, I do quite a bit of reading. Here are a few items I came across this past week I thought were worth sharing.[Read more…] about 3 interesting things I saw this week
Did you spend a couple hours this past tax season digging up receipts only to find that you didn’t have enough deductions to itemize? You weren’t alone. Because of the near doubling of the standard deduction as a result of the Tax Cut and Jobs Act (TCJA), the number of households itemizing deductions went from 47 million in 2017 down to an estimated 18 million for 2018. (Source: Joint Committee on Taxation)
It remains to be seen what impact this may have on charitable contributions. Charities are concerned the loss of tax efficient donations may reduce their 2019 fundraising as many people come to realize they did not get a tax benefit for their generosity.
Are you in a position where you’re no longer able to deduct your donations? There may still be a way you can give to your favorite charities and be rewarded by the IRS.[Read more…] about Tax Efficient Donations Under the New Tax Law
From time to time I get a question about whether an elderly parent should transfer their home or investment accounts to their children while they are still living. Usually the reasoning is that if they need to go into a nursing home for any length of time, the expenses will drain their assets and there will be very little money, if any, to pass down to their heirs. [Read more…] about Gifting Assets as Part of Long-Term Care Planning