Gift and Estate Taxes
If you give away money or property during your life, those transfers may be subject to federal gift and estate tax and perhaps state gift tax. The money and property you own when you die (i.e., your estate) may also…
Estate Planning: An Introduction
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning…
Am I Having Enough Withheld?
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during…
2019 Q1 Market Commentary
The S&P 500 rose by 13.1% while the Dow increased 11.2% and the NASDAQ climbed higher by 16.5%. Now, raise your hand if you saw that coming. Just ninety days ago we were discussing a government shutdown, rising interest rates,…
U.S. Savings Bonds: An American Tradition
Many people had their first experience with saving for the future as children when they received a U.S. savings bond as a gift. Savings bonds are issued by the U.S. Treasury Department. However, unlike Treasury bills, notes, and bonds, they…
Should I Itemize or Take the Standard Deduction on my 2018 Tax Return?
If you live in the State of Maryland and several other high income tax states you may have a higher tax liability by taking the higher standard deduction under the new 2018 tax law (Tax Cuts and Jobs Act -…
Deciding When to Retire: When Timing Becomes Critical
Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you'll need to estimate not only your anticipated expenses, but also what sources of retirement income you'll have and how long you'll…
What Is a Traditional IRA?
Traditional individual retirement accounts (IRAs) can be a good way to save for retirement. If you do not participate in an employer-sponsored retirement plan or would like to supplement that plan, a traditional IRA could work for you. A traditional…
Tax Planning for the Self-Employed
Self-employment is the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you're self-employed, you'll need to pay your own FICA taxes and take…
Taxation of Investments
It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments…