Supporting your adult child or elderly parent? You could save on taxes!

Hello! Has your adult child boomeranged back to the nest and having trouble finding work? Are you helping out your parents or other people financially? You may be able to claim them as dependents on your tax return and/or deduct the medical expenses you pay for them. Read on to learn more. Best, Michelle Morris,… Continue

Where do YOU rank as a taxpayer?

Hello! Happy New Year!  Unless you just got back from an extended stay on Pluto, you probably know that 2016 is a Presidential election year here in the US. In the coming months we will be hearing a lot about income inequality, the tax code, and whether the rich (however one defines that) are paying their “fair share”. Have… Continue

Uncle Horace Died and Left You His IRA. Now What?

Hello! Does your family have an Uncle Horace?  I invented him for this article but a lot of families have a similar character: a hardworking, frugal soul who lives alone and says little but thinks a lot.  This is the kind of person who accumulates a tidy sum.  As the saying goes ‘You can’t take… Continue

What is YOUR spending number?

Hello! I recently helped a colleague do a retirement projection for one of his new clients. His client was recently widowed and uncertain about her future. We plugged numbers into the planning software, we did a tax projection, we discussed the best way to deploy her life insurance proceeds, and we discussed the pros and… Continue

Your W-2 form – have you ever really looked at it?

It’s tax season, and I’ve been looking at a lot of W-2 forms. If you’re an employee, you get one of these every year. Your employer sends it to you and the IRS. It shows your annual wages and the amount of taxes withheld from your paycheck. If you have someone else prepare your taxes… Continue

Why You Should Fall Out of Love With Your Tax Refund

Like many taxpayers, you probably get a refund each year when you file your taxes. Last year ≈73% of individual tax returns resulted in refunds. The average refund was $2,783. It’s no secret that taxpayers use the tax withholding system as a form of savings. Too much money is taken out of your paycheck throughout… Continue