Written by Bruce Yates, Financial Advisor & Doug Custer, CFP® Investment assets have two primary benefits: the income they produce, and their hopefully increasing value. With Charitable Trusts, charitably inclined investors can support their chosen charity or foundation by donating one of these two components (principal...
Written by Doug Custer, CFP Beginning at age 70½, IRA owners must start taking Required Minimum Distributions (RMDs) each year from their IRA accounts. Unless you have made after-tax contributions in the past, these distributions are taxable as ordinary income. However, if you are charitably inclined,...
Written by Joe Erickson, CPA The new tax law—known officially as the Tax Cuts and Jobs Act (TCJA) and signed into law in December 2017—took effect at the beginning of the 2018 tax year. Among its major adjustments, the TCJA almost doubled the standard deduction,...
Written by Joe Erickson, CPA People are often faced with the question of whether buying or renting a home is smarter. Seattle has grown rapidly over the years, and many of our clients – either for themselves or their grown children – ask us whether renting or buying...
Written by Joe Erickson, CPA and Partner Tax reform: what does it mean? Since Congress passed the Tax Cut and Jobs Act of 2017, you’re likely to find that things have shifted for your financial situation. Some of the most significant changes include the following: New tax...
You may be able to use losses within your investment portfolio to help offset realized gains. If your losses exceed your gains, you can offset up to $3,000 per year of the difference against ordinary income. After factoring in federal income and capital gains taxes, the...
Because you've worked hard to create a secure and comfortable lifestyle for your family, you'll want to ensure that you have a sound financial plan that includes trust and estate planning. With some forethought, you may be able to minimize gift and estate taxes and...
Taxpayers are generally required to recognize income for federal income tax purposes in the year in which it is received. If, however, someone dies before receiving income to which he or she is entitled, that income is not included on his or her final income...
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 charge of your own retirement...
So you're going to have or adopt a baby. Congratulations! Parenthood may be one of the most rewarding experiences you'll ever have. As you prepare for life with your baby, here are a few things you should think about. Reassess your budget You'll have to buy a...