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by DP Financial & Tax
- Dec 27, 2017
- 2 min
New Tax Law and Potential 2017 Action Steps
As if the holidays didn’t have enough details to stress us out, we are now facing new tax laws. Most of you don’t have time to read the 500+ pages of the new law, so allow us to help put the information into bite size pieces for you. Since we do know that 2018 tax rates will be lower than 2017 tax rates, utilizing more expenses or deductions in 2017 and/or deferring income to 2018 will help you save tax. Also, the new law almost doubles the standard deduction so less peopl
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DP Financial & Tax, Inc.
- Dec 2, 2016
- 3 min
Are you ready for "THE END?"
Taxes are the last thing on your mind between Thanksgiving and Christmas. However, we have only a few short weeks left to take care of some important things and ensure that your 2016 tax return holds minimal surprises. Below are some reminders of deadlines, as well as some tips to help you gather your information for your 2016 taxes more easily. Items with a 12/31/16 Deadline: Charitable giving Be sure to get receipts for all non-cash and cash donations Figure the value of
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DP Financial & Tax, Inc.
- Nov 4, 2016
- 5 min
Muddy Waters? - Tax Planning and Life Insurance
The IRS and your Life Insurance The first thing to consider about life insurance policies and taxes, is that for federal tax purposes, to be considered a life insurance contract AND qualify for favorable tax treatment it must do two things: 1) meet state law requirements and 2) satisfy the IRS’s statutory definitions of what a life insurance policy is. The IRS looks at several elements of the policy to verify that a life insurance policy is NOT really an investment vehicle;
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DP Financial & Tax, Inc
- Aug 31, 2016
- 2 min
Important Things to Know About 529 Plan Withdrawals
You know that 529 plans are designed to help you secure funds for higher education. However, the details of plan withdrawals might raise a few questions. If you aren’t careful, the withdrawals may be taxable (even in years with substantial college costs)! Distributions are tax free if, and only if, they are used to pay Qualified Higher Education Expenses (QHEEs). Qualified withdrawals include tuition, fees, books, computer technology, and Internet fees. Special needs equip
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DP Financial & Tax, Inc.
- Aug 2, 2016
- 1 min
5 Ways to Avoid Taxes on Your Social Security Benefits
Whether your Social Security benefits are taxed, depends on your “provisional income.” Your provisional income is your adjusted gross income, not counting Social Security benefits, plus nontaxable interest and half of your Social Security benefits. Here are a few strategies to help you keep your income below the cutoffs and reduce the portion of your benefits that is taxable: For details on how to calculate your taxable Social Security benefits, see IRS Publication 915 and
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DP Financial & Tax, Inc.
- Jun 30, 2016
- 4 min
Health Savings Account Planning
Seven tips for a sound strategy Health Savings Accounts (HSAs) have quickly risen in popularity over the past few years. In a nutshell, an HSA is a tax-advantaged savings account that is owned by an employee or self-employed person. According to the America’s Health Insurance Plans (AHIP), enrollment in health savings account/high-deductible health plans (HSA/HDHPs) totaled 19.7 million in January 2015, up from 17.4 million in 2014. Market forces are pushing employers and
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