Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage...
Individuals
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3 midyear tax planning strategies for individuals
In the quest to reduce your tax bill, year end tax planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: Consider your bracket...
Adjusting rental vs. personal use may save tax on vacation home
Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with...
Claiming a federal tax deduction for moving costs
Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you...
Calculating your retirement cash flow needs
A staple in retirement planning is the search for your number. That is, how much money do you need to accumulate in savings and investment accounts so you can afford to stop working? Life expectancy is increasing, so the amount you have when you retire might have to...
Are income taxes taking a bite out of your trusts?
If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income threshold for triggering top tax rates is $12,500 for 2017. These top rates are as follows : Top income tax rate of 39.6%, Top long-term capital gains rate of...
Pay attention to the details when selling an investment
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment...
Smart options for investing in tax-deferred accounts
In a previous article, we discussed whether you should pay off credit card debt or save for retirement. In that article, we discussed contributing enough to your employer’s retirement plan to earn a full match on your contributions, then tackling your high interest...
Real estate professional vs. investor: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are...
Want to help your child buy a home? Don’t wait!
Mortgage interest rates are still at low levels. But they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child buy a home, consider acting soon. There also are some favorable tax factors that will help: 0%...
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Washington, NC 27889
Washington, NC 27889
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