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
[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
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
What do you do with your retirement accounts when you change jobs? This is a common question on WCI, and the good news is that you have many options! What you choose to do depends, as always, on your goals, current situation, and priorities. Continue reading
Your Summary Plan Description (SPD) is the rule book for all retirement accounts offered to you by your employer. Sadly, many employees do not know how to read their SPD or its importance. In this month’s video, Michelle gives you important features to look for in your employer’s SPD.
Also read Johanna’s companion blog post, It’s Open Season!