You need money. You do have access to various sources. you can tap into personal loans, car loans, equity loans, college loans, business loans, lines of credit, credit card advance, balance transfers, SBA loans, SCORE Assistance. What is the best solution which will provide you with the funds needed at the lowest cost to you?
Divorce is costly and painful. Poorly considered choices can compound the cost and discomfort for years to come. The alimony deduction is gone. This leaves only the Child Credits and Education Credits to utilize for tax benefits. Emotions run high when money is a factor. Don’t let your anger cost you your tax dollars. We can help you make decisions that will prevent you from being victimized by quirks in the tax law.
Education costs are high! There are vehicles that can help with those expenses. There are various loans, UGMA accounts, 529 education loans, and others. We can help with choose sources that can maximize the benefits for the whole family.
The timing of taking distributions from tax deferred accounts is important. How much and when to take the moneys out needs to be considered. The new laws limit distributions from tax deferred vehicles to generally 10 years for most beneficiaries. For owners taking distributions, there are numerous factors to consider. If you do have a financial planner, it would be best to work with both that advisor and your Enrolled Agent/Tax Accountant in order to maximize benefits.
Some of us or someone in our family will experience a temporary or permanent health setback. Are you prepared to deal with such an event? It only takes a few months, or even a few weeks to lose your business and your assets unless you have considered and prepared for such an event. We can help guide your financial decisions in this matter.
Until 2022 few will encounter estate or gift taxes. There are many myths about both! Often the state dictates both the cost of living and the cost of dying in that STATE. What are the reporting requirements? Who will be your representative upon death OR INCAPACITY? What specific bequests do you have for your special possessions? How will you assure your hard earned assets won’t be squandered by future beneficiaries. What will happen if your beneficiary gets divorced or is sued? Who will be guardian of your children? What ways can you protect your assets from such guardian’s mishandling? These and possibly other considerations should be addressed.
At the end of 2021 newly proposed laws, if enacted may cause wealth transfer issues that will have a negative impact on your decedents.Prior planning is critical to your decedents keeping much of what you have worked for all of your life. Please consult with us as to make sure that your moneys will be distributed as you intend, and no one pay unnecessary taxes.
Launching your business is a huge life decision. It can be the most uplifting or depressing time in your life. It’s not unlike raising a child and making sure they have a good foundation and continued nurturing. Businesses are similar. We can help to assist in selecting the optimal business entity so that you can avoid the pitfalls and traps that can cost much tax discomfort and retirement deprivation.
Is rental investing the way to make big bucks? The allure of being a landlord is enticing. However, the negative aspect is huge. The horror of bad tenants. The zoning issues and safety regulations that are costly to adhere to and more costly to escape from. The eviction process and subsequent lost rent are seldom considered. We can review with you various sources of investment, and do a risk analysis. We have been in business for over 50 years, and have over 600 clients. We can relate the stories of these clients in terms of making investment decisions.
Your workplace may offer you a buffet of benefits to choose from. These may include life insurance, health insurance, disability benefits, HSA, FSA, retirement benefits, the ability to borrow from retirement benefits, and others. How will you choose which benefits will best suit your specific needs? We can help you navigate how to choose the benefits that will be most advantageous for you.
Until 2022 few will encounter estate or gift taxes. There are many myths about both! Often the state dictates both the cost of living and the cost of dying in that STATE. What are the reporting requirements? Who will be your representative upon death OR INCAPACITY? What specific bequests do you have for your special possessions? How will you assure your hard earned assets won’t be squandered by future beneficiaries. What will happen if your beneficiary gets divorced or is sued? Who will be guardian of your children? What ways can you protect your assets from such guardian’s mishandling? These and possibly other considerationsshould be addressed.
What are estimated tax payments? Are they required? Are you willing to pay penalties for not withholding enough through the year? What is the best way to stay current with taxes you owe, and avoid penalties for not paying enough? We can help you calculate your taxes owed, and plan for scheduled payment to avoid penalties and cash flow issues.