Personal Tax Planning

Estate Taxes: Beware the State Tax Bite

Estate Taxes:  Beware the State Tax Bite Under the current federal tax laws, nearly every American family will be spared from estate taxes upon death.  That is because there is a  current exemption amount of [...]

Personal Tax Planning|

Tax Planning for Retirees & Charitable Giving

Tax Planning for Retirees & Charitable Giving Retirees (over 70 1/2 years old) can obtain a tax benefit from charitable contributions even if they can't itemize deductions! It's been estimated that the number of people [...]

Personal Tax Planning|

Using Gifts and Roth IRAs to Achieve Major Tax Savings

­Using Gifts and Roth IRAs to Achieve Major Tax Savings Here is the scenario: Matt is 17 years old and earns $6,000 during 2018 in wages from summer and after-school jobs.  With the earned income, [...]

Personal Tax Planning|

Making Weight Loss Programs Tax Deductible

Making Weight Loss Programs Tax Deductible   In general, the costs associated with diets are not tax deductible.  For instance, the costs of special diet foods, meal replacements for lower calorie foods, supplements and other [...]

Personal Tax Planning|

Home Equity Loan Interest is No Longer Tax Deductible- and the Loophole!

The Tax Cuts and Jobs Act passed in December 2017 no longer permits an individual to deduct the interest paid on home equity loans. This is a major change in the tax laws and very [...]

Personal Tax Planning|

Tax Implications of Divorce

Some Tax Implications of Divorce (2017) There are many potential tax implications of divorce in the United States.  This article points out a few very general tax considerations to keep in mind.  However, all tax/legal [...]

Personal Tax Planning|