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Tax Tips For Individuals
With time left before the April filing deadline, it makes good financial sense to recheck for don’t miss deductions and credits that can lower your tax bill. One caveat: You will have to choose between taking the standard deduction and itemizing individual deductions. BIG BREAKS One big break is the adoption tax credit, which is […]
McMill Tax Letter
October 16, 2019 To Our Clients and Friends: With year-end approaching, now’s the time to take steps to cut your 2019 tax bill. Here are some relatively foolproof year-end tax planning strategies to consider, assuming next year’s general election doesn’t result in retroactive tax changes that could affect your 2020 tax year. Year-end Planning Moves […]
Amazon Stock
On January 30th, Amazon’s stock rose 12% in a matter of minutes, and that increase added $110 billion to the market value of the company. By comparison, UPS’s entire market cap is $93 billion.-Bloomberg, January 30, 2020
Business Owners Resolve To Become More Competitive
Business owners typically have little time for planning. However, making that time during this New Year — and new decade — can help most businesses become more competitive now and in the future. PLAN YOUR SUCCESSION Whether you plan to eventually sell your business to strangers or pass it down to the next generation, succession […]
You, Your Retirement, and the SECURE Act
You may have missed the news – buried in a much bigger spending bill, and passed in the thick of the holiday season. But after months of nearly bringing it to the finish line, it’s now official: On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into […]
2020 Tax Brackets, Deductions, Plus More
Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021. […]
Resolve To Become More Financially Secure
Many people make resolutions to coincide with the advent of the New Year, including becoming more financially secure. If you want to improve your financial outlook, now is a good time to take steps to achieve this goal. TAP THE EXPERTS You go to a doctor for medical care and a mechanic to fix your […]
Lacking Confidence
Few employers are “very confident” their employees are on the way to becoming retirement-secure, according to the report, “Employers: The Retirement Security Challenge,” from the Transamerica Center for Retirement Studies. Only 17% of employers felt very confident, which lined up with 18% of employees who felt the same. About 23% of employers were not too […]
There’s Still Time
Individuals have a few tax breaks to explore. The IRS disallows many deductions if you take the standard deduction, but not all, for 2019. For example, you can deduct some expenses related to self-employment if you’re self-employed. Student loan interest and college tuition and fees may also be deductible. Talk to your tax professional to […]
Tax-Loss Harvesting
If investments you sold in 2019 lost money, you may find some solace in the IRS tax code. You can deduct certain losses from your taxable income – called tax-loss harvesting – when you understand the rules. Here they are briefly: TERMS DEFINED For starters, the IRS has separate tax rates for long-term investments – […]
2020 W-4 Update
On Dec. 5, the IRS released the long-awaited final version of the 2020 Form W-4, retitled Employee’s Withholding Certificate, with major revisions designed to make accurate income tax withholding easier for employees starting next year. All new employees hired as of Jan. 1, 2020, must complete the new form. Current employees are not required to […]
NEW IRS INDEXED LIMITS FOR 2020
WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items […]
Five Ways to Get Your Financial House in Order in 2020
As the end of the year draws near, many families think they have a sound “financial plan” because they own investments or have established a saving strategy for retirement. This is a good start but it’s incomplete. There are many components to ensuring your financial future and getting your “house in order” is the first […]
Update from McMill Wealth Regarding TD Ameritrade
It was confirmed that Charles Schwab and TD Ameritrade are combining (11/25/19). This has no bearing on our firm and we will still manage the accounts in the same manner we previously have. We have had a relationship with both firms for a long period of time and will evaluate possible changes to make sure […]