In December 2017, the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package, became law. College students and their parents dodged a major bullet with the legislation, as initial drafts of the bill included the elimination of Coverdell…
All financial advisors, CPAs and tax preparers are not created equal! At Chesapeake Financial Advisors, we combine our expertise in financial planning and taxes to provide clients with a service level that provides them with tax advice and preparation that…
It was quite a year driven by earnings growth and the hope and realization of deregulation and tax-reform. We began the year at 2,238.83 on the S&P 500 following earnings of $106.26 for 2016. In 2017 those earnings rose to…
The beginning of the New Year brings increases to the contribution limits for 401k, 403b, and 457 plans. You can now contribute up to $18,500. This is an increase of $500 from 2017. Additionally, if you are over the age…
Well, I did it. I finished my Christmas shopping and I didn’t order a single thing from Amazon. Some 20 years ago, we all used to head to the mall, walk around and shop around for good deals. The internet,…
URGENT call to action by 12/31 – new tax bill expands 529s As you may know, the U.S. Congress passed a tax reform bill that was signed into law by the President yesterday. Included in the law is a provision…
When an IRA needs to be split in a divorce it's best to use a trustee-to-trustee transfer between the spouses IRA and former-spouses IRA. IRAs are split in accordance with the divorce decree so make sure the decree specifies the…
Student loan debt. Three words that strike fear into new graduates and parents everywhere. There are ways, however, to make the repayment of student loans more manageable. You may be surprised to learn that Income Driven Repayment Plans (IDR Plans)…
Your first required distribution from an IRA or retirement plan is for the year you reach age 70½. However, you have some flexibility as to when you actually have to take this first-year distribution. You can take it during the…
When inheriting a traditional IRA in a non-spousal relationship, you have different options based on the age of the original account holder of the traditional IRA. If the account holder was under 70 1/2 you have three options: Life Expectancy Method:…