INSIGHTS

We See Things Differently

When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.

Insights, Tax Center Brett Friedman, CFP® Insights, Tax Center Brett Friedman, CFP®

5 Tax Planning Tips for Retirees

There’s a common misconception that, after retirement, tax bills shrink, tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement accounts increases their income in retirement and may even push them into a higher tax bracket. This article provides five tax-planning tips for retirees.

Read More
Insights, Tax Center Brett Friedman, CFP® Insights, Tax Center Brett Friedman, CFP®

Rental real estate: Determining if a property is a business or an investment

If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Sec. 199A deduction for certain sole proprietors and pass-through entity owners. This article provides a brief overview of the deduction and rental real estate guidance related to it. A sidebar spotlights the IRS definition of “real estate professional” as it relates to this tax matter.

Read More
Insights, Tax Center Brett Friedman, CFP® Insights, Tax Center Brett Friedman, CFP®

Are you liable for “nanny taxes”?

When employing household workers — which may also include housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand the tax obligations, commonly referred to as “nanny taxes.” This article provides a quick review.

Read More
Insights, Tax Center Jennifer Ferraro Randolph Insights, Tax Center Jennifer Ferraro Randolph

Great American Rescue Plan Signed into Law

News broke on March 11, 2021, that Biden’s American Rescue Plan Act of 2021 had been signed into law, sending $1.9 trillion in Coronavirus relief to individual Americans and small businesses. Here’s what you need to know about the new bill and how it will affect you and your business.

Read More
Insights, Tax Center Jennifer Ferraro Randolph Insights, Tax Center Jennifer Ferraro Randolph

5 tips for safe intrafamily loans

If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences. This article presents five simple steps that would-be lenders should consider before making such an arrangement.

Read More
Insights, Tax Center Jennifer Ferraro Randolph Insights, Tax Center Jennifer Ferraro Randolph

Rolling over capital gains into a qualified opportunity fund

Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow—though it ties up the funds long term—is to “roll over” the gain into a qualified opportunity fund (QOF). This article explains how QOFs work and their potential benefits.

Read More
Insights, Tax Center Jennifer Ferraro Randolph Insights, Tax Center Jennifer Ferraro Randolph

How to avoid tax scams

Scam artists seem to come out of the woodwork when there’s money involved—and taxes are no exception. Fortunately, by becoming familiar with common tax scams and understanding what the IRS will and won’t do, it’s easy to avoid them. This article explores several tax frauds and explains how taxpayers should act if they feel they’ve been the target of one.

Read More
Insights, Tax Center Jennifer Ferraro Randolph Insights, Tax Center Jennifer Ferraro Randolph

Is a Roth IRA conversion right for you this year?

The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long term. This article discusses what to consider when determining whether a Roth IRA conversion makes financial sense.

Read More