Category Archives: High Net Worth Practice
Considering a Health Savings Account or Other Tax-Advantaged Health Plan? Understand Your Options
He must have meant it at the time. Benjamin Franklin apparently felt that “nothing is more fatal to health than an over care of it.”
But in current-day America, it’s increasingly apparent that nothing is more fatal to health than the lack of access to health care. A recent analysis by the Kaiser Family Foundation found that “the consequences of reduced access to care over time can be serious, including preventable hospitalizations, poor overall health, disability, and premature death.”
According to the (continue reading…)
Know How Long to Keep Those Digital or Paper Documents? Record Retention Guidelines for People, Businesses and Not-for-Profits
When it comes to saving things, there are really two kinds of people: Those who tend to save everything, forever. And those who throw it all away or delete it at the earliest possible moment — and sometimes before.
The same is often true for businesses and not-for-profit organizations. They can save too little or too much, for too long or not long enough.
So, when it comes to digital and paper records, which documents should you keep and for how long?
Although (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Tax Services, Technology Group, Uncategorized
Tagged Business Tax, Disaster Planning, Hardware/Software Systems, IRS, Operations, Personal Finances, Personal Tax
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Being Scammed? IRS Updates Dirty Dozen List of Worst Tax Scams for 2013
Someone, probably of the criminal persuasion, said that money spends the same whether you earn it or you scam it.
That might explain the growing incidence of tax-related scams—and why the IRS feels compelled to release a Dirty Dozen list of the the more common scams affecting U.S. taxpayers each year.
No doubt you’ve heard of identity theft and refund fraud. But, according to IRS Acting Commissioner Steven T. Miller, “The Dirty Dozen list shows that scams come in many forms. Don’t let a (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
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Know Your Total Tax Burden? You Could be Surprised: Try the Calculator
You may have a good sense of what you pay in federal income taxes. Most people do.
But many people pay other taxes they aren’t as aware of. Like federal and state taxes for cell phones and other taxes levied on your use of cable and electricity.
Perhaps surprisingly, the average American pays more than 20 different taxes during the year. Yet only a small percentage of people can accurately estimate the portion of their incomes absorbed by taxes.
Understanding what you pay (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Personal Finances, Personal Tax, State + Local Tax, Wealth Planning
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Are Your Fringe Benefits Taxable? What Partners, LLC Members and S Corporation Shareholders Need to Know
Health coverage. Meals. Life insurance. Parking fees and transit passes. Flexible spending accounts. Even employer-provided cell phones. Bet you’re getting some kind of employer-provided fringe benefits in addition to your salary.
But do you know which fringe benefit the IRS considers taxable? Which benefits are also subject to employment taxes? And how fringe benefits affect your estimated taxes?
It can be incredibly confusing under the best of circumstances—and it’s especially complicated for partners, as well as members of LLCs and certain shareholders in S corporations.
But unless (continue reading…)
Have a Home Office? IRS Announces an Optional, Simplified Approach for Claiming a Tax Deduction
The greatest ideas are often the simplest. And at least by this measure, the federal tax code is not exactly filled with great ideas.
According to the Internal Revenue Service, well over three million taxpayers claim a home office deduction each year. The annual recordkeeping required to calculate and support those deductions is estimated at 1.6 million hours.
There must be a simpler way.
And now there is. Beginning with tax year 2013 filings, you have an alternative to using the traditional more-than-forty-line-form (continue reading…)
Have a Trust or an Estate with Investment Income? A Little Tax Planning May Reduce Your Medicare Surtax
The timing’s the thing according to Shakespeare. Of course he wasn’t talking about taxes, but he could have been.
For taxes in the post-fiscal cliff era, timing can be everything—and the Medicare surtax is no exception.
Beginning January 1, 2013, affluent individuals, estates and trusts pay an additional 3.8 percent in federal taxes on net investment income above certain federally established threshold amounts. It’s referred to as the Medicare surtax.
The threshold amount is significantly lower for estates and trusts than for individuals. Combine (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, Legislation, Personal Finances, Personal Tax, Wealth Planning
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Federal Tax Alert: January 31 is the Deadline for 2012 Tax-Free IRA Distributions to Charity
The newly enacted American Taxpayer Relief Act retroactively reinstated federal tax rules that allow certain IRA owners to make tax-free distributions from their IRAs to eligible charities.
If you have an IRA and are age 70½ or older, you can make tax-free distributions of up to $100,000 per year for 2012 and 2013. These distributions aren’t subject to charitable contribution limits since they aren’t included in your gross income or claimed as a deduction on your return. They do, however, count (continue reading…)
Posted in High Net Worth Practice, Not-for-Profit Practice, Tax Services
Tagged Business Tax, Estate + Gift, IRS, Personal Finances, Personal Tax, Philanthropy, Retirement Planning, Wealth Planning
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Federal Tax Alert: IRS Delays the Start of Tax Season
Retroactive changes to the tax rules for 2012—enacted as part of the American Taxpayer Relief Act—will delay the start of this year’s tax filing season while the IRS updates its tax forms and software.
The IRS announced plans to begin processing paper and electronic individual income tax returns on January 30—including those returns affected by the new Alternative Minimum Tax (AMT) patch and those that claim a deduction for state and local sales taxes, higher education tuition and fees, and educator (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Tax Services
Tagged AMT, Business Tax, Estate + Gift, IRS, Legislation, Personal Tax, Tax Credits + Incentives
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Quick-Reference Guide for 2013 and (Revised) 2012 Tax Deductions and Limits
Uncertainty ends, at least when it comes to federal taxes. And it was a real cliff-hanger, if you’ll pardon the pun.
As of December 31, 2012, U.S. taxpayers faced significant increases in federal income, estate and gift taxes for 2013 as a result of Congressional inaction.
Then, on January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (the Act) which President Obama signed into law on January 2.
The Act reduces income tax rates for the majority of Americans, as (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Personal Wealth Planning Services, Professional Practices Group, Real Estate Group, Retail Group, Tax Services, Technology Group, Uncategorized
Tagged AMT, Business Tax, Estate + Gift, Legislation, Personal Finances, Personal Tax, Tax Credits + Incentives, Wealth Planning
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