Happy New Year! It’s already time to start your 2015 tax planning! (I know, I know. You haven’t even started on your 2014 tax return!) Anyway, you need to get off to a good start in 2015. The first place to start is with your paycheck. The following are some items to consider: FICA limits: […]
2014 Tax Planning Tips
As the year draws to a close, it’s time to squeeze in some tax deductions and take some actions that might save you money come April 15th. If you are looking to reduce your tax liability, here are a few yearend tax planning tips: Consider Roth conversion: If you have a traditional IRAs, consider a […]
The Affordable Care Act: The Individual Mandate
The Patient Protection and Affordable Care Act (aka health care reform or “ACA”) enacted in March 2010, is comprehensive legislation affecting taxes, insurance, Medicare and Medicaid, among others, and is to be implemented over an 8-year period. So what is on the horizon for 2014 and 2015 taxes? When we last left the ACA in […]
Here Comes the Sun: From Sunshine Tax to Sunshine Tax Credit
We in California pay a premium to live in this great state, sometimes dubbed the “Sunshine Tax.” Although not an actual tax, we have a high cost of living, and when coupled with escalating utility bills, many more families are considering having solar panels installed on their homes, in an effort to reduce or, in […]
2013 Paycheck Planning
Happy New Year! It’s already time to start your 2013 tax planning! (I know, I know. You haven’t even started on your 2012 tax return!) Anyway, you need to get off to a good start in 2013. The first place to start is with your paycheck. The following are some items to consider: FICA limits: […]
Tax Planning for 2012/2013
The Patient Protection and Affordable Care Act (aka health care reform) was enacted in March 2010. This is very comprehensive legislation affecting taxes, insurance, Medicare and Medicaid, among others, that will be implemented over 8 years. So what’s in store for the year 2012 under this law? Well, not much. However, the majority of significant […]
How Long Should I Keep Financial Records?
So you’ve completed your tax return and are moving your files to the back storage room, closet, garage, or other archival space. The boxes start piling up. You’ve probably asked yourself, “How long should we keep these records?” It would be great if you could ascribe to the old adage, “out with the old, in […]
2012 Paycheck Planning
Happy New Year! It’s already time to start your 2012 tax planning! (I know, I know. You haven’t even started on your 2011 tax return!) Anyway, you need to get off to a good start in 2012. The first place to start is with your paycheck. The following are some items to consider: FICA limits: […]
Clean Out Clutter for a Cause!
As we’ve mentioned before, it’s always a good idea to clean out your closets and donate your unwanted items to charity in order to get a charitable deduction. Although most of us know about donating our unused stuff to Goodwill or Salvation Army, here are some additional charities to consider: If you have women’s business […]
Why You Should Consider a Roth IRA
Q: What’s a Roth IRA? A: A Roth IRA is an individual retirement account (IRA) in which contributions of up to $5000 ($6000 if you’re 50 or better) are NOT deductible as they are with a traditional IRA. However, earnings can be withdrawn tax-free if you’re at least 59 ½ and had the Roth at […]
