As the coronavirus (COVID-19) continues to affect our country and local communities, we hope this note finds you and your families healthy and safe. Since our last email on March 20th, there have been significant tax changes enacted on both the Federal and state level. The Treasury Department and … [Read more...]
Updates: 2019 Taxes, Retirement Contributions, and CARES Act
The Power of Health Savings Accounts
Most tax benefits have symmetry. If you defer income in to a 401(k) or traditional IRA contributions are deductible and then your account distributions are taxable. Similarly, if your contributions are not deductible (i.e. a Roth IRA), your distributions are tax-free. Health Savings Accounts … [Read more...]
Compensating Yourself as Business Owner
If you work in a business you own, you may be able to increase your take-home dollars by carefully planning how you compensate yourself. If you're like most owner-employees, you want to get the most out of your company, and that often means minimizing the amount you give to taxing authorities. As … [Read more...]
Windward Passages: How the SECURE Act May Effect You
New Spending Package Includes Sweeping Retirement Plan Changes The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but … [Read more...]
Windward Tax Bulletin: Taxation of Investments
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2019 It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your … [Read more...]