Your chances of requiring some sort of long-term care increase as you age, and long-term care insurance (LTCI) can help you cover your long-term care expenses. Although tax issues are probably not foremost in your mind when you buy LTCI,… Read More
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Minimizing Estate Taxes
The act of giving away your property, either during life or at death, will probably be subject to one or more of several types of taxes (collectively referred to here as estate taxes), either on the federal level, state level,… Read More
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Tax Benefits of Home Ownership
In tax lingo, your principal residence is the place where you legally reside. It’s typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax… Read More
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Special Considerations for Second/Vacation Homes
A rustic cabin. A seaside cottage. Buying a second/vacation home can be an alluring prospect. Before you decide to purchase one, though, you should consider a number of issues. These include the costs associated with owning a second/vacation home, the… Read More
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Am I Having Enough Withheld?
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during… Read More
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Personal Deduction Planning
Taxes, like death, are inevitable. But why pay more than you have to? The trick to minimizing your federal income tax liability is to understand the rules and make the most of your tax planning opportunities. Personal deduction planning is one… Read More
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Tax Withholding
A common question we encounter is: How much in taxes should I have withheld from my paycheck? This is a frequent thought once the prior year’s tax returns have been filed and individuals are looking ahead to the current year. Reviewing… Read More
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More on Taxes… What Happens to My Charities?
Many of you are BWFA tax clients, and our team of tax professionals assist you with filing your annual tax returns, doing quarterly analysis of the proper amount of estimated taxes where necessary, and a host of other tax analyses. The… Read More
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How Can Losses Help Reduce Taxes and Benefit Your Long Term Results?
You are taxed on your earnings. Generally speaking, your earnings equal your income and gain, less your allowable expenses and losses. Because losses reduce your earnings, losses can help to reduce your tax liability. It is important, therefore, to know… Read More