Engaging an ENROLLED AGENTis the start of a professional relationship that includes more than preparing a tax return. It is acquiring a “partner” in your quest for financial security and someone that can be called with any type of financial, investment, business or employment compensation question   The ENROLLED AGENT can offer advice to maximize… Read More

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Moving Expenses Prior to tax reform (i.e., for tax years starting before January 1, 2018), taxpayers could deduct expenses related to moving for a job as long as the… Read More

With year-end approaching, now is the time to take steps to cut your 2018 tax bill. Here are some relatively foolproof year-end tax planning strategies to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA). Year-end Planning Moves for Individuals Game the Increased Standard Deduction Allowances. The TCJA almost doubled the… Read More

The IRS reminds holiday shoppers to protect their tax and financial data from identity thieves. All it takes is a few extra steps to prevent cybercriminals from stealing sensitive data, such as financial account information, Social Security numbers, and credit card information. Thieves could use this data to file a fraudulent tax return in 2019.… Read More

New 2019 contribution limits create retirement saving opportunity For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table below for the details: How can you take advantage? Contributing the full amount allowable to a… Read More

Izella Lui, EA As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts to… Read More

Izella Lui, EA Engaging an Enrolled Agent is the start of a professional relationship that includes more than preparing a tax return. It is acquiring a “partner” in your quest for financial security and someone that can be called with any type of financial, investment, business or employment compensation question. The Enrolled Agent can offer… Read More

Izella Lui, EA If you participate in a company retirement plan, such as a 401(k), there’s a way you can take a distribution and get out of paying the 10% early distribution penalty if you’re under age 59 ½ at the time of the withdrawal. The rule is sometimes called the “age 55 rule.” If… Read More

Izella Lui, EA Two types of IRAs are available to fund your retirement: Traditional IRAs and Roth IRAs. While both are subject to many of the same rules there are several important differences. It’s important to understand these differences because the type of individual retirement account (IRA) you choose can significantly impact your financial future… Read More

Izella Lui, EA You may assume you will. That assumption could be a retirement planning risk. How long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work past 65? Some pre-retirees are basing their entire retirement transition on that belief, and… Read More