Taxes, Tax Reform, Planning

The tax score of winning

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rul..........

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Maurice La Verdure
Maurice La Verdure

5 October, 2021

Retirement Planning, Taxes, Tax Reform, Planning

Is a Health Savings Account right for you?

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (..........

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Scott Henvey
Scott Henvey

23 September, 2021

Retirement Planning, Taxes, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement, Education

Estate planning in a socially distanced environment

As many states continue to struggle with the current surge in COVID-19 cases, the “new normal” demands continued social distancing in many areas of life. What does this mean for estate planning? Clear..........

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Maurice La Verdure
Maurice La Verdure

7 September, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows

Is recording my will signing on video a good idea?

Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity. For some, this strategy may help stave off a will contes..........

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Maurice La Verdure
Maurice La Verdure

1 September, 2021

Business Owners & Entrepreneurs, Retirement Planning, Executives, Retirees, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth ..........

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Maurice La Verdure
Maurice La Verdure

20 August, 2021

Retirement Planning, Taxes, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. Long-term medical care The costs of qualified lon..........

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Scott Henvey
Scott Henvey

12 August, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Understanding the current "step-up" basis rules

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

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Maurice La Verdure
Maurice La Verdure

30 July, 2021

Retirement Planning, Taxes, Estate Planning, Tax Reform, Planning, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Does your estate plan address your grandchildren in a fair manner?

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair.” It all depends on your family’s circumstances. Specifica..........

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Maurice La Verdure
Maurice La Verdure

14 July, 2021

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 ..........

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Maurice La Verdure
Maurice La Verdure

17 June, 2021

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

4 Reasons to Revisit Your Powers of Attorney

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yours..........

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Maurice La Verdure
Maurice La Verdure

12 May, 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

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

Retirement Planning, Retirees

Seniors: Can you deduct Medicare premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re marri..........

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Maurice La Verdure
Maurice La Verdure

14 July, 2020

Retirement Planning, Traditional IRA

A nonworking spouse can still have an IRA

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents..........

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Maurice La Verdure
Maurice La Verdure

14 July, 2020

Retirement Planning

CARES ACT changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax la..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning, Traditional IRA, Retirees, Investment Advisory & Wealth Mangement

Planning for a tax-efficient retirement

As this article explains, tax planning for retirement is critical to ensuring that savings last. Retirees are urged to estimate cash needs, coordinate Social Security benefits with other income source..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning, Traditional IRA, Retirees

Choosing an employee retirement plan

Abstract: Businesses offering their employees a retirement plan for the first time have some tried-and-true choices. This article spotlights four types of plans: traditional and Roth 401(k)s, Simplifi..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

LHCPA Post 3

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer to..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

5 Benefits of Working in Retirement

In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to rea..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

Catch-up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limi..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs, Retirement Planning

It’s Not Too Late: You Can Still Set up a Retirement Plan for 2018

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

Want to Retire Abroad? Review Your Estate Plan First

If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale, it’s important to understand the potential tax and estate planning implicatio..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

Apply for a Waiver If You’ve Missed the 60-Day Ira Rollover Deadline

IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for life, for example, y..........

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L&H CPAs
L&H CPAs

13 June, 2020