Category: Tax Planning

Take Back Your Itemized Deductions with Charitable Contributions

Are you one of the almost 30 million taxpayers that can no longer itemize deductions? “Bunching” your charitable contributions may help take it back. The Tax Cuts and Jobs Act of 2017 increased the standard deduction from $12,700 in 2017 to $24,400 in 2019 for Married Filing Jointly (MFJ). The number of filers who itemize […]

SEP IRA vs Individual/Solo 401(k)-Which is Right for You?

If you and/or your spouse own a business and you are the only employees, or you have 1099 income and want to maximize your retirement savings, you should consider contributing to a SEP IRA or an Individual/Solo 401(k) Plan. Which plan is right for you? Here are some highlights of each plan. SEP IRA-Simplified Employee […]

5 Tax Moves To Consider

5 Tax Moves to Consider Before April 18th Even though we are a few months into 2016, it is not too late to save on your 2015 taxes or increase the amount of tax-free or tax deferred savings you are making.  As you are compiling your tax information and meeting with your tax professional, please […]