Tax Planning with the American Rescue Plan
The American Rescue Plan was signed into law on March 11 and there are several provisions that create tax planning opportunities. Here is a review of the most significant provisions for individuals.
Revisiting Employer Benefit Open Enrollment
Because many employees are now in their open enrollment period where they can update their choice of employee benefits, we are re-posting some advice from a year ago, with added commentary. Here are a few things to consider when you’re selecting your benefits. Medical insurance Every year, you should re-evaluate your medical insurance needs and […]
Employer Benefit Open Enrollment
Many employees are currently in their open enrollment period where they can update their choice of employee benefits. Here are a few things to consider when you’re selecting your benefits. Medical insurance Some things to consider: Make sure the plan covers the services you need: preferred doctors, medications, mental health, chiropractor, etc. Estimate your out-of-pocket […]
Medicare and Travel: Things To Know
Summer is fast approaching and you are making your travel plans. We all have our own checklist of items we need to prepare before leaving for a trip. Are medical emergencies on your list? We often get questions if Medicare covers emergency medical needs while traveling abroad. The short answer is yes and no. Original […]
End of Year Tax Tips – Part 3
Low income year If your 2018 income is lower than usual (temporary unemployment, recent retirement, etc.), consider claiming extra income while you’re in a lower tax bracket. Please contact Griffin Black if you’d like to discuss the following strategies: Qualified Business Income The new tax law introduced a 20% deduction on Qualified Business Income (QBI). […]
End of Year Tax Tips – Part 2
College Planning 529 Plans. 529 plans are college savings plans where the earnings grow tax free until they’re used for educational expenses. Please contact Griffin Black soon if you’re interested in setting up a 529 plan. Financial Aid. Your 2018 income will be used to determine your financial aid eligibility for the 2020-2021 school year. […]
End of Year Tax Tips – Part 1
As we approach 2019, there are a few strategies to take advantage of before the end of the year to reduce your tax bill. Tax-deferred Savings The 2018 limit for elective deferrals to employer retirement plans (401(k), 403(b), etc.) is $18,500. If you’re over age 50 by the end of 2018, your limit is $24,500. […]
Avoid Unpleasant Tax Surprises in April
The Tax Cuts and Jobs Act of 2017 introduced significant changes to the personal income tax code for 2018. Some changes reduced the effective tax rate for many people, but certain groups of taxpayers may see their federal taxes increase. Even if your tax rate was reduced, changes to salary withholdings could leave you with […]
For Expecting Mothers Working in California, Don’t Forget This Baby Shower Present!
Many people complain about the taxes we pay to fund various social programs, but we sometimes forget to take advantage of these programs when we become eligible for them. One such example is the program that working expecting or new mothers can qualify for in California: the California State Disability Insurance (SDI) program offered by […]