You already know that college is expensive. But only when you start writing checks to cover your youngster’s college bills, do you really start feeling the terrible pain. How much pain? Well, the average cost of college tuition, fees, and room and board was recently running at $32,500.If your son or daughter is heading to a private, non-profit four-year college, you’ll … [Read more...]
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2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Sure, you can pay Uncle Sam more taxes than you have to. But why? You see, if you know how to take advantage of all that the law allows, you can save a bundle. Let me be specific. After you read this article, take my advice and act by December 31. When you do, you can get five year-end family-related tax breaks that can leave more money in your pocket. Are you … [Read more...]
New Law Kneecaps Stretch IRA—Here’s What You Can Do About It
Do you have an IRA? Then I urge you to read the full article. Why? Because it explains how the SECURE act, enacted by Congress last December, severely and negatively impacted the Stretch IRA strategy. NOTE: The “SECURE” stands for, “Setting Every Community Up for Retirement Enhancement.” What exactly was the Stretch IRA? The Stretch IRA wasn’t another kind of IRA. It … [Read more...]
COVID-19 Strategy: Hire Family Members to Create Tax Benefits
Want to improve your cash flow during this difficult period? Here’s some good advice… Hire one or more of your family-members to work in your business. When you do, you can help your business and family meet their financial needs and save money on taxes! Do you have questions about how to save money by hiring family members to work in your business? Well, we have … [Read more...]
Potential Estate and Gift Tax Threat: Should You Worry?
If you’re financially well off, there’s an unpleasant fact you have to face… Today’s extremely favorable federal estate and gift tax rules may not survive the year! Why? Because our country might finally be forced to confront the issue of huge federal budget deficits made worse by costly federal COVID-19 relief measures. The result? As a way to pump more tax money into … [Read more...]