by KNSS | Nov 26, 2019 | December 2019 Newsletter
It’s not too late to cut your 2019 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. If you’re self-employed, consider setting up a Solo 401(k) by 12/31. Take a look...
by KNSS | Nov 26, 2019 | December 2019 Newsletter
Scammers are at it again, this time calling up taxpayers, impersonating the IRS, and threatening to suspend or cancel social security numbers. According to the IRS, these calls can come in as “robocall” voicemails, requesting people to call back. The scammers may...
by KNSS | Nov 26, 2019 | December 2019 Newsletter
Have you been dabbling in cryptocurrency trading? The IRS is stepping up its efforts to provide guidance to taxpayers around cryptocurrency transactions and has enacted some new compliance measures. On 2019 tax returns, the IRS will require taxpayers to check off a...
by KNSS | Nov 26, 2019 | December 2019 Newsletter
Does part of your family’s financial planning include gifting? If so, here are a dozen tips to follow: Annual gift exclusion is $15,000 per year by an individual to another individual, or Annual gift exclusion is $30,000 per year gifted jointly from a married...
by KNSS | Nov 26, 2019 | December 2019 Newsletter
Consider adding your teenage children onto your company payroll. If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll. There are several tax benefits and opportunities for income shifting within the...
by KNSS | Nov 26, 2019 | December 2019 Newsletter
Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred. You can contribute up to $19,500 into a 401(k) or 403(b) plan through salary...
by KNSS | Nov 26, 2019 | December 2019 Newsletter
Medical Expenses For 2019, medical expenses are deductible to the extent they exceed 10% of your Adjusted Gross income (AGI). The IRS also allows a deduction of 20 cents/medical miles driven so don’t forget to track your medical mileage. Planning Opportunity: ...
by KNSS | Nov 14, 2019 | November 2019 Newsletter
Consider hiring your spouse as your company’s first employee. For many taxpayers beginning a new business, there are always concerns and questions about decisions to be made. How to finance the new endeavor, where to locate the office, and who to choose as the right...
by KNSS | Nov 4, 2019 | November 2019 Newsletter
by Andrew D. Schwartz CPA Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2020, the maximum wage base jumps to $137,700, an increase of $4,800, or 3.6%, over the max of $132,900 that was in place for 2019. At a rate of...
by KNSS | Nov 4, 2019 | November 2019 Newsletter
Last month, our firm hosted a live webinar in our Financial Boot Camp series titled “How to FIRE: Strategies for Becoming Financially Independent and Retiring Early”” which was recorded and is now available online. According to the presenter Alex...
