Is It Time to Amp Up Your ROTH Accounts?

Is It Time to Amp Up Your ROTH Accounts?  by Susan Moussi

{3:00 minutes to read} On May 23, 2019, the US House passed H.R. 1994-Setting Every Community Up for Retirement Enhancement Act of 2019, aka SECURE Act. The bill is now before the US Senate. Here are some of the proposed changes to retirement funding and distributions included in the SECURE Act: 
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The 2018 Year in Review: 3 Biggest Tax Impacts

The 2018 Year in Review: 3 Biggest Tax Impacts  by Susan Moussi

{3:00 minutes to read} To all of you who have filed your 2018 tax returns: Congratulations! The 2019 tax filing season was the first year to require the new forms and rules that are a result of the Tax Cuts and Jobs Act, enacted at the end of 2017. The 2019 tax filing season required more meeting time with clients to explain the new forms and tax results. There was a lot of new information to share and I’d like to take a moment to list three of the biggest changes:

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Tax Filing When the Government Is Shutdown

Tax Filing When The Government Is Shutdown by Susan Moussi

{2:14 minutes to read} IRS employees returned to work on January 28, 2019, after a lengthy government shutdown. As you can imagine, they will be trying to play catch up just as they enter their busiest time of the year. As a taxpayer, you may have concerns or questions about handling your tax returns should another shutdown occur before April 15, 2019. If another shutdown does occur, keep in mind that there will be delays to either 1. process a current return or 2. tend to past taxpayer matters that remain unsettled.

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Beware of Identity Scams During Tax Season

Beware Of Identity Scams During Tax Season by Susan Moussi

{2:42 minutes to read} There are countless identity scams to obtain important personal information. Why and how? Scammers try to access your personal information for identity fraud or to get monies from you by threatening you with action if you don’t pay up.

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Entertainment & Meal Deductions Under the Tax Cuts and Jobs Act of 2017

Entertainment & Meal Deductions Under the Tax Cuts and Jobs Act of 2017 by Susan Moussi

{2:50 minutes to read}  As a business owner, it’s likely that you meet with prospective clients away from your place of business. Perhaps these conversations happen over lunch or dinner; maybe it’s while enjoying a sporting event. Here’s what you need to know about meal and entertainment deductions.  

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When a Tax-Free Employee Benefit Gets Taxed

When a Tax-Free Employee Benefit Gets Taxed by Susan Moussi

{2:28 minutes to read}  A recent court case illustrates the need to pay attention to your timing when taking advantage of tax-free benefits.

In Voigt, T. C. Summ. 2018 – 25, an employee was laid off from the university he worked at in 1991. As part of the severance package from the university, he or his dependents could receive a certain amount of tuition waivers that corresponded to his years of service. The waivers had several limitations in place, but apparently not one specific limitation that would keep the taxpayer from using the waivers in 2013 — 22 years after leaving the university. 

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Finances in Marriage 101

Finances in Marriage 101 by Susan Moussi

{2:45 minutes to read}  Finances are a common source of conflict in relationships. Trying to work through the conflict alone can be difficult and unproductive. Couples may be tempted to just keep limping along, but studies show that oftentimes relationships end because of disagreements over money.

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Should You Keep Your Ex’s 401(k) Plan As-Is?

Should You Keep Your Ex’s 401K Plan As-Is? by Susan Moussi

{2:58 minutes to read}  Is it possible to keep your share of your ex’s 401(k)? The short answer is yes.

In your divorce property settlement, if you are to receive a portion or all of the retirement assets that were in the name of your former spouse, you need to set up a transfer from their account to an account that is in your name. 

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