With the costs of college and other post-secondary education continually rising, clients often ask about effective methods of planning for their children’s future education costs.
Though there are several methods of planning for future education costs, one popular technique is to use a 529 plan. Continue reading
Have you been told that you can’t do a backdoor Roth IRA? It may not be as elusive as you originally thought. Check out Michelle’s vlog to see if these options fit you.
Also, read Johanna’s companion post How to Set-up a Backdoor Roth
TCJA (Tax Cuts and Jobs Act) 2017 took away employee business expenses, along with much of our ability to itemize. In particular, we can now deduct mortgage interest on only $750k of debt and are limited to a deduction of $10k/yr. for SALT deductions. On a positive note, the Pease Limitation – which reduced itemized deductions for high earners, is gone along with AMT for most high-income taxpayers. Continue reading
Backdoor Roth IRAs are a frequently-discussed topic on physician blogs and social media sites. But most conversations assume you understand basic investing concepts that many novice investors don’t. I’ve written this post as a reference guide for anyone who needs help with the mechanics on how to set up a backdoor Roth IRA. Continue reading
[This post is part of a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. For an explanation of the basics of this deduction, please review this post.]
Today’s case study is going to look at when the 199(A) deduction may be limited by overall taxable income. Continue reading
In this month’s video, I explained what a Fixed Price Agreement or FPA is. All of our deluxe or physician individual FPAs, as well as our business FPAs, include a set of services above and beyond preparing a tax return. Continue reading
When we meet with a prospect, the first question we usually hear is, “What are your fees?” While most firms base their fees on hourly billing, we take a different approach. In her video, Laura describes our Fixed Price Agreement (FPA) and the benefits of our pricing model. Continue reading
[This post is part of a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]
Today’s case study is going to look at how the 199(A) deduction varies depending on the type of business being operated. Continue reading
An accountable plan is an IRS-approved method for employees to be reimbursed for business Continue reading
In this month’s video, I explained a couple of the goals when we complete a tax projection for clients. For some taxpayers, a tax projection can have many moving parts making the assistance of a tax advisor essential. For others, this process can be completed without outside help. The main category of people that this would apply for is those with W-2 jobs. To help those folks out, here is a step-by-step guide to calculating whether you have the proper paycheck withholding. This is a good basic plan for anyone and can be tweaked for more complicated circumstances. Continue reading
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