RPB_Admin
The Power of Time Value of Money and Your Child’s Summer Job
Tax Planning for Your Children with the Help of Time Value of Money Tax planning and investment advice are (or should be) closely tied together. Looking at one while ignoring the other can greatly alter actual results from your expectations. Although we at RPB are not an investment advisory firm, we as tax planners work hand-in-hand with many advisory firms. The smart investor knows that the one thing that is never changing is time, and with proper planning, time can be an investor's greatest asset instead of their worst nightmare. Investing early can mean the difference between retiring when
Tax Reform….As the Dust Begins to Settle
Highlights and New Items on Tax Reform Its officially been two months since the passing of the biggest tax reform since 1986 and understandably there have been comments from all perspectives on what it will mean to everyone. Although many of the items in the actual bill still need much clarification from the Internal Revenue Service on how they will interpret them, most people have a good overall idea of how this reform will most likely affect them. Or do they? As with any tax laws, there are usually winners and losers (unfortunately at some point tax needs to be
Did You Remember to File ALL Your Tax Forms?
Are You Filing ALL the Tax Forms You Need To? As many individuals and businesses prepare to file their 2017 income tax returns, the question many people forget to ask is “what am I missing?” Now when many people hear that question in the context of taxes, they think what deductions or credits am I missing. Although this is indeed a great question, and one your CPA should be asking you all year long, this is not the only things that we need to worry about missing in today’s tax world. As the IRS and many state governments continue to
Divorce and Taxes: Two Words People Like To Avoid
Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a significant impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated. Tax Law Considerations Child Support and Alimony. If you pay child support, you can’t deduct it on your tax return. If you receive child support, the amount you receive is not taxable. If you make payments under a divorce or separate maintenance decree
Changing Business Structure After Tax Reform
What Type of Entity Should My Company Be? That question has always been one on the minds of all business owners in order to not only best meet regulatory needs but also to take advantage of the tax code. With the Tax Reform now behind us and regulations to understand those changes in the works at the IRS, we once again have to reevaluate those decisions from a tax standpoint. The new law gives many businesses some new tax breaks and benefits, and makes some sweeping changes to the tax rates for both businesses and individuals. However, the underlying rules
Now is the Time for Tax Actions!
As year-end rapidly approaches, we at RPB always find this time to be a great time to look for tax planning opportunities. With the largest tax code changes in 30 years in the final debate stages and slated to take effect for 2018, this year may present some “once in a lifetime” tax savings for many people. With the pending changes varying from elimination of state income taxes, elimination of personal exemptions, elimination of DPAD, revisions to education deductions and credits, elimination of moving expenses, elimination of alimony deductions, revisions in mortgage limitations, increases in expensing limits, to flat out revisions in
Do You Need a Tax Professional?
In today’s day and age, there are many options available to help prepare your taxes. Many people rely on “canned” software to easily and cheaply get their returns completed. But is this the right way to go? The United States Tax Code has become increasingly complicated over the years. Between 1955 and the present, the Tax Code increased from 409,000 words to more than 2.4 million words. This is double what existed after the major tax reform of 1985. There are over 60,000 pages of tax-related cases in the US court system records. In 2014, the number of taxpayers paying
Let me remind you, planning is crucial
As year end approaches, I want to remind you once again that now is the time to get ready for the tax season -- for us and you. We're prepping now by staffing up, training and getting organizers out to clients. You can prep too. One of the first things you should do is perform an overall financial checkup. The end of the year is always a good time to assess your current financial situation and plan for the future. You should think about cash flow, health care, retirement, investment and estate planning. Check wills, powers of attorney and health
Are you ABLE to handle the HEET?
Caring for our children and grandchildren and ensuring they receive a good education are paramount issues for most of us. However cumbersome the IRS tax code might be, there are some bright spots recently added and possibly disappearing to help us make sure we're providing both in an effective tax-oriented manner. Let us take a look at a couple. ABLE Recently, most states have finalized a new option for those with special needs children. The ABLE accounts provide an individual way to fund the future care of a loved one who is disabled by providing them with tax free funds,
College Tuition & Your Finances
A large majority of the future workforce will attend college at some point. Unfortunately, a college education is far from cheap. Many students attending college are taking on debt or, if they are lucky, finding scholarships to help defray the ever-increasing costs. Thanks to our tax code, most taxpayers are afforded some small deductions for those costs in the way of tuition deduction credit ($2,500 annual maximum credit) and student loan interest deduction ($2,500 annual maximum deduction). For most people, that is where the focus stops, but not for the Internal Revenue Service. The receipt of scholarship funds could be
