How Much Emergency Fund Should You Have And How To Get There
If you watched the nightly news during the latest government shutdown you would have seen stories about how people struggle when they aren’t getting a paycheck. Most Americans are not immune to having a set back at a job and it is a scary feeling to not know when the next paycheck will come. The emergency fund is what will help you bridge the
STAR Property Tax Credit: Make Sure You Know The New Income Limits
The STAR Credit is a great way to reduce your property taxes in New York. If you are over the age of 65, it gets even better with the Enhanced STAR Credit. But you have to know the income limits associated with the credit otherwise you could unexpectedly lose the credit which could cost you thousands of dollars in additional property taxes. They
Why Do You Owe More In Taxes This Year?
“I thought there was a tax break. Last year I got a refund. This year, I owe money to the IRS. How did this happen and what do I need to change to fix this?.” As more and more people file their taxes for 2018, the situation described above seems to be the norm instead of the exception to the rule. Taxpayers are realizing that either their tax refund is lower, they owe money for the first time, o
How To Change Your Residency To Another State For Tax Purposes
If you live in an unfriendly tax state such as New York or California, it’s not uncommon for your retirement plans to include a move to a more tax friendly state once your working years are over. Many southern states offer nicer weather, no income taxes, and lower property taxes. According to data from the US Census Bureau, more residents
Should You Put Your House In A Trust?
When you say the word “trust” many people think that trusts are only used by the uber rich to protect their millions of dollars but that is very far from the truth. Yes, extremely wealthy families do use trusts to reduce the size of their estate but there are also a lot of very good reasons why it makes sense for an average individual or family to establish
Advanced Tax Strategies For Inherited IRA's
Inherited IRA’s can be tricky. There are a lot of rules surrounding;
Establishment and required minimum distribution (“RMD”) deadlines
Options available to spouse and non-spouse beneficiaries
Strategies for deferring required minimum distributions
Special 60 day rollover rules for inherited IRA’s
The Accountant Put The Owner’s Kids On Payroll And Bomb Shelled The 401(k) Plan
The higher $12,000 standard deduction for single filers has produced an incentive in some cases for business owners to put their kids on the payroll in an effort to shift income out of the owner’s high tax bracket into the children’s lower tax bracket. However, there was a non-Wojeski accountant that advised his clients not only to put his kids on the
Percentage of Pay vs Flat Dollar Amount
Enrolling in a company retirement plan is usually the first step employees take to join the plan and it is important that the enrollment process be straight forward. There should also be a contact, i.e. an advisor (wink wink), who can guide the employees through the process if needed. Even with the most efficient enrollment process, there is a lot of
