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Retire with Grace News

Tax

What Does the New Tax Law Mean for Me?

Late last year, President Donald Trump promised to deliver a “big, beautiful Christmas present” to Americans that would revive an anemic U.S. economy. While the holidays are past, the sound and fury continues as pundits on both sides of the political spectrum debate the long-range ramifications of the “Tax Cuts and Jobs Act,” the first…

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What Does the New Tax Plan Mean for Investing?

About the Author: CHERYL L. CHARBONNEAU, CPA, CFP®, CGMA, is CFO and Director of Tax Operations at Grace Tax Advisory Group, LLC in Southwest Florida. For 25 years, Cheryl worked as a CPA, which included 10 years as a partner in an accounting and wealth management firm in Naples. Subsequently, she earned the Certified Financial Planner® (CFP)…

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3 Mid-Year Tax Planning Strategies for Individuals

About the Author: CHERYL L. CHARBONNEAU, CPA, CFP®, CGMA, is CFO and Director of Tax Operations at Grace Tax Advisory Group, LLC in Southwest Florida. For 25 years, Cheryl worked as a CPA, which included 10 years as a partner in an accounting and wealth management firm in Naples. Subsequently, she earned the Certified Financial Planner® and…

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Real Estate Investor vs. Professional: Why it Matters

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of…

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7 IRA Questions to Ask Before You File Your Tax Return

1) Did you make a deductible IRA contribution for 2016? If yes, make sure the deduction is reflected on line 32 of your Form 1040. 2) Did you make a non-deductible IRA contribution for 2016? If yes, make sure the contribution is reported on Form 8606. The contribution will not, however, be reported anywhere on your Form…

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2016-2017 TAX PLANNING GUIDE

Time to Plan Your Year-End Taxes Click here to download this whitepaper. The simple word “taxes” can make people squirm as they think about all the details they need to address. But, with some forward-looking planning, managing your taxes doesn’t have to be as difficult as it can seem. As we move into an economy…

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