In response to the economic disruption caused by COVID-19, the CARES Act created funding for direct cash payments to individuals. Here are answers to some common questions our financial planning firm has received. What is it? It is an advanced payment for a new refundable tax credit in the 2020 tax year. Is the payment […]
2018—the first year of the newly administered tax code. While some of us were pleasantly surprised this past April, others of us not so much. A common reaction from our clients occurred with the use of the standard deduction for the first time (or at least the first time in a long time). For those […]
When most people think of a Health Savings Account (“HSA”), they see a tax-efficient way to pay for medical expenses. During their company’s annual enrollment window, they elect to contribute enough into the plan to cover the upcoming year’s out-of-pocket healthcare expenses. By contributing into the account, they reduce their federal, FICA, state and local […]
The passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has not delivered the simplicity that I had hoped it would; however, it has produced some tax cuts that are exceptional if addressed before the tax year ends. An important aspect of the TCJA is the 199A tax code. While the code […]
In my last article, I outlined the noteworthy adjustments to our tax code under 2017’s Tax Cuts and Jobs Act. For most, the new tax reform will result in paying less taxes to the government. Great news…right? Of course. As we’ve continued to run 2018 tax projections for our clients, however, we’ve noticed a surprising and troubling trend for many […]
Taxes are painful. Taxes are constantly changing. Taxes will never ever go away. Wow, what reassuring and uplifting sentiments! Unfortunately, these are undeniable truths. The recent changes under the Tax Cuts and Jobs Act will shake things up more than usual. The big question is: For better or worse? Now that the 2017 tax season […]
Five Action Steps We Are Taking At the beginning of the year, there was a flurry of articles created by every known publisher of tax and financial media discussing the new tax laws, the changes involved, and the possible impact on people. Even though these initial articles are interesting and can help put context to […]
Approaching your financial Planning like the owner of a successful NFL team January is NFL football playoff month. Being in Pittsburgh, I fully intended to spice this article up with mentions of names like Rooney, Roethlisberger, Brown, and Bell. But alas, as we enter Super Bowl week the Steeler’s are out, but my analogy below […]