There is a very attractive new option for employer sponsored retirement plans that will become available next year. The DB(k) will provide businesses with 500 or fewer employees an opportunity to provide a strong retirement plan for their employees with a lot less paperwork, hassles and cost than a traditional pension plan. The DB(k) is […]
Some recent tax-law changes have improved Health Savings Accounts (HSA’s) that have made them even more attractive to a wider range of people. We have been strong advocates for high deductible health insurance couple with HSA’s since their inception. The HSA can best be described as an IRA for medical expenses. Contributions can be deducted […]
After the aftermath of the past two years (Lehman, Wachovia, GM and Washington Mutual) a question and problem we have to deal with from many of our new clients coming on board is, “What do I do with stock that is worth zero?” The strategy is to claim a capital loss deduction for worthless stock […]
In the aftermath of the credit crunch, widely publicized ponzi-schemes, and regulatory failures, there is a battle taking place that will hopefully put in motion some important steps in providing investors with unbiased advice they need. The power struggle taking place right now in Washington is between stockbrokers and insurance agents that work for the […]
These extraordinarily difficult markets have brought out from underneath the rocks, a bevy of unscrupulous insurance/annuity salesmen selling products that are nothing more than Trojan horses. I spend a large amount of time in my car and listen to hefty doses of AM radio; and I am very concerned with the volume of advertisements from […]
Conventional wisdom states that one would never want to know what goes in to making a hot dog or sausage, and if one did know they would never consume its mystery meat goodness. Unfortunately it is also conventional to not discuss the inner workings of legislation proposed by the sausage makers in Washington D.C. The […]
Various tax changes take effect on January 1, 2009; the following are a few important law changes to keep in mind. If you are 70 ½ or older, you may skip payouts from qualified plans such as IRA’s without penalty. Heirs also need not to take withdrawals in 2009 from inherited plans and IRA’s. The […]
Below are a few tax planning strategies that you can take advantage of before 12/31/08 (please note that each taxpayer’s situation is unique and these strategies may or may not apply to you): 1. Making your January 2009 mortgage payment on your residence before the end of this year allows you to deduct the interest […]
Use holiday bonuses to max out annual retirement plan contributions first and for presents second. Avoid year-end capital gains by gifting appreciated securities rather than cash. Make charitable donations before the end of the year to obtain better deductions. Use the $11,000 annual gift-tax exclusion (increases to $12,000 in 2006), but do not exceed it. […]
Scenario: You have a friend; a close business associate that is about to make a monumental mistake that could ruin his business at worst, or cripple it at best. Would you do everything in your power to stop your friend; save him or her from possible ruin? When markets are under duress like they are […]