Retirement Planning, Taxes, Estate Planning, Executives, Retirees, Investment Advisory & Wealth Mangement

Retiring soon? 4 tax issues you may face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount..........

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Maurice La Verdure
Maurice La Verdure

17 June, 2021

Scott Henvey

Scott Henvey
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Recent Posts

Taxes, Executives, Planning

2021 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional de..........

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Scott Henvey
Scott Henvey

17 June, 2021

Investing, Estate Planning, Tax Reform, Planning, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to mini..........

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Scott Henvey
Scott Henvey

17 June, 2021

Business Owners & Entrepreneurs, Taxes, Executives, smallbusiness

Tax filing deadline is coming up: What to do if you need more time

"Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic...........

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Scott Henvey
Scott Henvey

14 May, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Tax Reform, smallbusiness

Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pe..........

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Scott Henvey
Scott Henvey

29 April, 2021

Business Owners & Entrepreneurs, Retirement Planning, Estate Planning, Retirees, Business Owners

Keep it all in the family: Transferring your vacation home

If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel options you may have because of COVID-19 pandemic restricti..........

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Scott Henvey
Scott Henvey

7 April, 2021

Taxes

How to ensure life insurance isn’t part of your taxable estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to fed..........

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Scott Henvey
Scott Henvey

30 March, 2021

Taxes

Estimated tax payments: The deadline for the first 2021 installment is coming ups

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make e..........

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Scott Henvey
Scott Henvey

29 March, 2021

Taxes

New law: Parents and other eligible Americans to receive direct payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct p..........

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Scott Henvey
Scott Henvey

29 March, 2021

Business Owners & Entrepreneurs, Business Owners

If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions ..........

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Scott Henvey
Scott Henvey

15 March, 2021

Taxes

Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you..........

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Scott Henvey
Scott Henvey

15 March, 2021

Estate Planning

Dissecting the contents of a will

For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any estate plan. But do you know what provisions should..........

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Scott Henvey
Scott Henvey

11 March, 2021

Taxes

Retiring soon? Recent law changes may have an impact on your retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significa..........

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Scott Henvey
Scott Henvey

2 March, 2021

Take control of your charitable donations using restrictions

Did you know that you can put restrictions on charitable donations you make through your estate? If you want the peace of mind that your donations are used to fulfill your intended charitable purposes..........

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Scott Henvey
Scott Henvey

1 March, 2021

Taxes

2021 individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in l..........

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Scott Henvey
Scott Henvey

10 February, 2021

Taxes

The power of the tax credit for buying an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break..........

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Scott Henvey
Scott Henvey

3 February, 2021

Business Owners & Entrepreneurs, Business Owners

The cents-per-mile rate for business miles decreases again for 2021

The cents-per-mile rate for business miles decreases again for 2021 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreas..........

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Scott Henvey
Scott Henvey

2 February, 2021

Taxes

Don’t forget to take required minimum distributions this year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized...........

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Scott Henvey
Scott Henvey

28 January, 2021

Estate Planning

What does a trustee do?

Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it’s critical to understand the role of a trus..........

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Scott Henvey
Scott Henvey

22 January, 2021

Taxes

One reason to file your 2020 tax return early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if y..........

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Scott Henvey
Scott Henvey

20 January, 2021

Taxes

Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be..........

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Scott Henvey
Scott Henvey

18 January, 2021

Business Owners & Entrepreneurs, Business Owners

Can your business benefit from the enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit..........

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Scott Henvey
Scott Henvey

15 January, 2021

Estate Planning

4 questions single parents should ask about their estate plans

Did you know that the United States has the highest rate of children living in single parent households? According to the Pew Research Center, nearly a quarter (23%) of U.S. children under the age of ..........

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Scott Henvey
Scott Henvey

14 January, 2021

Business Owners & Entrepreneurs, Business Owners

The right entity choice: Should you convert from a C to an S corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corpor..........

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Scott Henvey
Scott Henvey

1 January, 2021

Estate Planning

Does your estate plan clearly communicate your wishes?

Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s ..........

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Scott Henvey
Scott Henvey

30 December, 2020

Fraud

Prevent and detect insider cyberattacks

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator ..........

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Scott Henvey
Scott Henvey

30 December, 2020

Business Owners & Entrepreneurs, Business Owners

2021 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional de..........

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Scott Henvey
Scott Henvey

21 December, 2020

Taxes

Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning,..........

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Scott Henvey
Scott Henvey

16 December, 2020

Estate Planning

2 options for families with disabled loved ones: ABLE accounts and SNTs

If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her eligibility for means-tested government benefits s..........

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Scott Henvey
Scott Henvey

11 December, 2020

Business Owners & Entrepreneurs, Business Owners

The QBI deduction basics and a year-end tax tip that might help you qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deductio..........

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Scott Henvey
Scott Henvey

7 December, 2020

Taxes

Steer clear of the wash sale rule if you’re selling stock by year end

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss Under ..........

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Scott Henvey
Scott Henvey

3 December, 2020

Business Owners & Entrepreneurs, Business Owners

Small businesses: Cash in on depreciation tax savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 de..........

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Scott Henvey
Scott Henvey

2 December, 2020

Taxes

Employees: Don’t forget about your FSA funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are s..........

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Scott Henvey
Scott Henvey

24 November, 2020

Only specific trusts are eligible to hold S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, no more than one class of stock..........

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Scott Henvey
Scott Henvey

19 November, 2020

Business Owners & Entrepreneurs, Business Owners

Health Savings Accounts for your small business

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-spons..........

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Scott Henvey
Scott Henvey

16 November, 2020

Business Owners & Entrepreneurs, Business Owners

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. Howeve..........

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Scott Henvey
Scott Henvey

10 November, 2020

Taxes

Disability income: How is it taxed?

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If ..........

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Scott Henvey
Scott Henvey

4 November, 2020

Estate Planning

Don’t forget about making a portability election

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several..........

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Scott Henvey
Scott Henvey

30 October, 2020

Estate Planning

4 ways to address elderly parents in your estate plan

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws...........

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Scott Henvey
Scott Henvey

23 October, 2020

Business Owners & Entrepreneurs, Business Owners

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings s..........

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Scott Henvey
Scott Henvey

19 October, 2020

Business Owners & Entrepreneurs, Business Owners

Understanding the passive activity loss rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent yo..........

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Scott Henvey
Scott Henvey

14 October, 2020

Business Owners & Entrepreneurs, Business Owners

The easiest way to survive an IRS audit is to get ready in advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you s..........

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Scott Henvey
Scott Henvey

6 October, 2020

Estate Planning

Don’t procrastinate if you plan to transfer ownership of your life insurance policy

Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the policy, but there’s a catch: If you wait too long, your ..........

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Scott Henvey
Scott Henvey

29 September, 2020

Business Owners & Entrepreneurs, Business Owners

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally ap..........

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Scott Henvey
Scott Henvey

22 September, 2020

Tax implications of working from home and collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told n..........

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Scott Henvey
Scott Henvey

16 September, 2020

Estate Planning

Buy-sell agreements: A smart business decision also makes estate planning sense

Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and is likely your “pride and joy.” So it’s normal if you..........

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Scott Henvey
Scott Henvey

11 September, 2020

Taxes

Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “W..........

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Scott Henvey
Scott Henvey

8 September, 2020

Taxes

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help ..........

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Scott Henvey
Scott Henvey

1 September, 2020

Estate Planning

Oh, no, your original will is missing!

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, sign..........

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Scott Henvey
Scott Henvey

27 August, 2020

Business Owners & Entrepreneurs, Business Owners

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses..........

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Scott Henvey
Scott Henvey

24 August, 2020

Taxes

What happens if an individual can’t pay taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most import..........

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Scott Henvey
Scott Henvey

31 August, 2020

Estate Planning

5 good reasons to turn down an inheritance

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this..........

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Scott Henvey
Scott Henvey

13 August, 2020

Business Owners & Entrepreneurs, Business Owners

The possible tax consequences of PPP loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basic..........

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Scott Henvey
Scott Henvey

31 August, 2020

Taxes

The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom..........

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Scott Henvey
Scott Henvey

5 August, 2020

Estate Planning

Avoid “bad blood” among family members: Protect your will from legal challenges

You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch. When the terms are revealed, a niece, for exam..........

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Scott Henvey
Scott Henvey

31 July, 2020

Taxes

Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (als..........

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Scott Henvey
Scott Henvey

24 July, 2020

Business Owners & Entrepreneurs, Business Owners

Even if no money changes hands, bartering is a taxable transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved ..........

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Scott Henvey
Scott Henvey

23 July, 2020

Business Owners & Entrepreneurs, Business Owners

Businesses: Get ready for the new Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any pa..........

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Scott Henvey
Scott Henvey

21 July, 2020

Estate Planning

Family matters: Estate planning considerations if you have adopted children or unadopted stepchildren

If you have adopted children or unadopted stepchildren, estate planning is critical to ensure that your property is distributed the way you desire. Adopted children Adopted children are placed on an e..........

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Scott Henvey
Scott Henvey

20 July, 2020

Taxes

After you file your tax return: 3 issues to consider

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may sti..........

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Scott Henvey
Scott Henvey

10 July, 2020

Estate Planning

A win-win proposition: A CRT can benefit you and your favorite charity

Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your ..........

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Scott Henvey
Scott Henvey

8 July, 2020

Business Owners & Entrepreneurs, Business Owners

Haven’t filed your 2019 business tax return yet?

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, an..........

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Scott Henvey
Scott Henvey

30 June, 2020

Retirement Planning, Retirees

What qualifies as a “coronavirus-related distribution” from a retirement plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without p..........

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Scott Henvey
Scott Henvey

23 June, 2020

Taxes, Planning

If you’re selling your home, don’t forget about taxes

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that e..........

Read More
Scott Henvey
Scott Henvey

17 June, 2020

Business Owners & Entrepreneurs, Business Owners

Rioting damage at your business? You may be able to claim casualty loss deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these..........

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Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Business meal deductions: The current rules amid proposed changes

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount ..........

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Scott Henvey
Scott Henvey

14 July, 2020

Estate Planning

Estate planning when time is short

The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or for..........

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Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians

There’s still time to make a deductible IRA contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax..........

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Scott Henvey
Scott Henvey

14 July, 2020