Tax Time Tips

For many people, tax time is a time to reassess their financial situation more broadly. They pull out their paperwork, look at their last year’s spending, and really think about where the money went. Tax season can be more than just a necessary evil; it can be an opportunity for financial sprint cleaning. Here are … Continued

Charitable Contributions

As we approach the end of the year, a review of your charitable contributions should be a part of the year-end tax strategy. During the remainder of the year, you will be deluged with many requests for a contribution to 501c(3) organizations. These organizations qualify your contributions for a charitable contribution which is deductible on … Continued

What is Form 1098-C and Does it Apply to You?

Have you contributed a motor vehicle, boat or airplane that has a claimed value of more than $500? If so, the donee organization is required to provide you with either Copies B and C of Form 1098-C or a “contemporaneous written acknowledgement” for your tax records. The definition of a qualified vehicle is any motor … Continued

Some Things Never Change

In 1938, gas was 10¢ a gallon. The average wage was $1,730 a year and you could buy a house for a mere $3,900. Since then, typewriters have gone by the wayside. The VCR was invented and then replaced by the DVD. The Internet was born. And, there are significantly more rules and legislation for … Continued

Do You Want to Retire?

Most people want to retire without having to have to get another job to make ends meet, even if it’s only part-time. Planning is the key hurdle that many people must get over. Make today be the day you start making a difference. First things first. Make a list of all the assets (things you … Continued

Capital Gains Can Be Costly

Capital gains are generated by the sale of capital assets. One of the most common examples of capital assets is stock. For our discussion, we will talk about the sale of stock to create capital gains. To determine whether we have a gain on the sale of stock or not, we must know our investment … Continued

Do You Need to Change Your Withholding?

Has your income that is not subject to withholding changed during the last year, or have you earned income this year that you did not anticipate when you computed your withholding elections? Examples of this unanticipated income include the exercise of stock options, distributions from a deferred compensation plan or retirement plan or sale of … Continued