Insider

Planning

Medical Expenses & 2018 Tax Planning

For those who have out-of-pocket medical and dental expenses, the Tax Cuts and Jobs Act could provide an unexpected tax break. Proposals in the House of Representatives in late 2017 called for a repeal of medical expense deductions entirely, as part of reform to curtail itemized deductions. After negotiations, the medical expense deduction was actually… More >

Estate Taxes after the Tax Cuts and Jobs Act

Proposals to repeal the federal estate and gift tax came about during the Presidential campaign and continued into 2017. The enacted Tax Cuts and Jobs Act changes, but does not fully revoke, estate and gift taxes. The tax reform increased the 2018 exemption amount per person from $5.6M to $11.2M, doubling what can pass on… More >

Charitable Contribution Strategies under the New Tax Law

The itemized deduction for charitable contributions may have less income tax-saving benefit for some taxpayers starting with the 2018 tax year. This is due to a substantial increase in the standard deduction and the elimination or reduction of other itemized deductions. The new law increases the standard deduction to $24,000 for married couples and to… More >

Home Equity Loan Interest May Still be Deductible under New Tax Legislation

The recently passed tax bill suspends the itemized deduction for interest on home equity indebtedness, beginning with tax years after December 31, 2017. A taxpayer, however, may still be able to claim a deduction for some or all of the interest on a home equity line of credit (HELOC). The type of loan (e.g. traditional… More >

New Tax Law Allows 529 Plans to be Used for K-12 Education Expenses

The recently signed Tax Cuts and Jobs Act includes provisions that will expand the potential benefits of 529 savings plans. 529 plans are investment accounts originally designed to help families save for college. Under current law, investment earnings and withdrawals from 529 plans are tax-free as long as the funds are used for qualified higher… More >

Highlights from Tax Reform

Congress has voted to pass a major rewrite to the tax code that the President will soon sign into law. The complex nature and late timing of the bill make year-end strategic decisions difficult to evaluate. You may want to connect with your tax-preparer to ask if there are any tactics specific to your situation… More >

Facts & figures to Know for 2018

Many questions remain as Congress debates edits to tax reform legislation. While there are still unknowns, there are some figures we can start to consider in plans for 2018 and beyond. Below is a summary of certain announcements made by the Internal Revenue Service and other agencies related to 2018. Employer Retirement Plan Savings The… More >

Fourth-Quarter To-Dos to Keep on Your Radar

If you have an employer-sponsored retirement plan: Review your paystub or plan statement to confirm you are on schedule to contribute what you intended for the year. There is time left in the year to increase your contribution from salary deferral if you are not adding the maximum, which for most plans is $18,000 for… More >

Worried about the Recent Equifax Security Breach?

One of the credit-reporting agencies, Equifax, experienced a data breach that included Social Security numbers, dates of birth, driving-license numbers and for some people, possibly their credit card numbers as well. Equifax has established a website that allows people to check if their information was likely compromised. They are also offering complimentary identity-theft protection and… More >

Inside Divorce – Podcast with Sammy Azzouz

One of Heritage Financial’s Managing Partners, Sammy Azzouz, was recently interviewed by family law attorney Hindell Grossman about the financial challenges that married couples face and how a financial planner can help them manage their finances effectively. Sammy and Hindell also discussed the importance of keeping both spouses engaged in financial discussions and the steps… More >