Many years ago, when I was about seven years old, my family went on a road trip. I remember being excited for the journey, but at the same time concerned for the upcoming 10-hour drive.
In order to make the trip more enjoyable, I spent time earning/saving money so I could buy a couple treats to take with me. As the trip neared, I purchased my favorite candy, licorice (Red Vines was my brand of choice, for anyone who cares to know).
We know that identity theft is a real issue. Scammers deliberate use of someone else’s identity for financial gain is unfathomable to most, but a reality for many.
In 2015, my family members and I were targeted as part of the Internal Revenue Service (IRS) data breach which resulted in some of our personal information being stolen. These experiences are very frustrating but seem to be becoming more and more common (think of Target back in 2013, Equifax in 2017, etc.).
Recently my 18-year-old son spoke with me about creating a Roth IRA (he heard about it in his high school economics class). It brings me great joy to have my son, at such a young age, think about his future.
In his mind the decision was straightforward (I have cash and want to place it in a Roth IRA) but there are several rules he needed to understand in order to make a well-informed decision. Many aspects of life are like this – the decision seems to be forthright, but often there are rules to consider.
As we gear up for the upcoming tax season, we think it is appropriate to remind you of a couple tax planning suggestions that may provide you a tax benefit. As a reminder, at the end of 2017, Congress passed the most comprehensive change to the country’s tax laws since 1986. One of the key changes, for individuals, relates to itemized deductions and the “new and improved” standard deduction.
Our thoughts and prayers go out to those who have suffered from one of the many natural disasters that have occurred around the world. For those of us in the San Francisco Bay area, the most recent Camp Fire disaster hits close to home. The fire, which leveled the town of Paradise, has resulted in the confirmed deaths of 84 people and counting. While some disasters occur very quickly, others move very slowly (sometimes imperceptibly slow). Considering these disasters, we would like to share ideas on what you can do right now to be better prepared.
As many are aware, late in 2018 new tax laws were enacted. Many of these laws impacted business taxes, but also a number of changes were made to individual-related tax laws. Previously we have commented on a number of these changes, but today we want to focus on transfer tax law changes (think gift and estate taxes).
Earlier this month my family spent a wonderful day celebrating the birth of our great nation. We attended the 4th of July parade in Morgan Hill (it began in 1876), spent time with family and friends at a bar-b-que and enjoyed the fireworks in the evening. We have a lot to be thankful for.
Picture this—it’s Friday afternoon, your work is done, and you have the weekend ahead of you. But, what makes this weekend different than any other weekend is that you have a two-week long vacation following it. You wish your colleagues well, they express similar thoughts, and you head toward freedom.
Of course, you’re excited! Travel, new experiences, time away from the mundane, and time to recharge.
Happy Holidays to all. In the midst of enjoying time with family and friends, Congress and President Trump gave us another thing to consider this holiday season – a new tax law. While you would be correct to think that the majority of the provisions of this tax law apply to 2018 and beyond, there are a few things you should consider before the New Year. Here is a list of things you should consider along with a summary of other changes to the tax laws.
By now most of you know, tax reform is looming. On November 16, 2017 the House of Representatives passed its version – HR 1: The Tax Cuts and Jobs Act. On the same day, the Senate Finance Committee approved its amendments.
This week we should see the full Senate vote.