Private Client Group

Where There’s a Will, There’s a Way

May 8, 2014

Question: Have you created a will? What about other important estate planning documents? If you have, when was the last time you reviewed them? Well-crafted, up-to-date estate planning documents ensure your wishes will be carried out. They also can help ease the burdens on your family during a difficult time. The will A will is…

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Fixing a SIMPLE Mistake

April 3, 2014

Savings Incentive Match Plans for Employees (SIMPLE) IRAs offer small employers and their employees a simplified way to save for retirement. Generally, these plans allow employers and employees to contribute to traditional IRAs set up for employees. However, SIMPLE IRAs are not always simple. Perpetually changing retirement plan laws, can and do cause mistakes to…

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The IRS Offers a Simpler Home Office Deduction

March 17, 2014

If you’re one of the approximately 3.4 million U.S. taxpayers who claim a home office deduction on your tax return, you may find the calculations a bit easier going forward. Earlier this year, the IRS announced a simplified option also known as the “safe harbor” option, for calculating the home office deduction. You can use…

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3 Ways for Higher-Income Taxpayers to Enjoy Tax-Free Roth Accounts

March 14, 2014

Roth IRAs offer substantial benefits. Although contributions aren’t deductible, qualified distributions are tax-free — the growth is never taxed. And unlike traditional IRAs, Roth IRAs have no required minimum distributions. So if you don’t need the money in retirement, you can let the entire balance grow tax-free to benefit your heirs. But modified adjusted gross…

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Obama Releases 2015 Budget Proposals

March 12, 2014

President Obama recently unveiled his $3.9 trillion FY 2015 budget proposals, with an emphasis on passing tax reform for families and lower income individuals.  Highlights of the budget proposals include:  Limitations on deductions for higher incomes Tax carried interest as ordinary income Reproposed “Buffet rule” Enhanced Code Sec. 179 expensing Limitations on like-kind exchanges of…

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Don’t Let Estate Taxes Force Your Heirs to Sell the Family Business

March 6, 2014

Many family business owners spend years nurturing their companies with the goal of providing a livelihood for their heirs. But often their estates don’t have enough cash to pay estate taxes and other expenses after they die, which can force the family to sell the business. If your’re concerned that your heirs will face this predicament, ask…

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