Few things can derail a retirement plan like a liability lawsuit. Anyone who has accumulated sufficient assets should consider taking proactive steps to protect their assets against such potential litigious actions. It is prudent to implement risk management strategies in the event you, someone in your family or even an employee is found to be legally responsible for injuring someone or damaging their property beyond the limits of your standard liability insurance coverage. Under such circumstances and without proactive planning, the legal liability outside your insurance coverage would likely have to be paid from personal assets. This could cause financial ruin. By following some of the following basic asset protection strategies, an individual can potentially reduce the impact of a creditor claim. [Read more...]
Nancy J. Winter, CPA – The Pros and Cons of Annuities
Just about all of us will need income in retirement, and one often-overlooked source of income is an annuity. An annuity is a contract between you and an insurance company in exchange for their promise to make a series of payments to you over time. Annuities can provide very dependable dollars in your retirement, but there are both pros and cons of an annuity. [Read more...]
Nancy J. Winter, CPA – The Tax Implications of Selling a Home
If you recently sold or are getting ready to sell a house, you’re probably ready to move on and focus on your next home. But did you know that you may have to pay capital gains taxes on any profits earned on the sale of your last home? Understanding how these rules work may help you minimize your overall tax bill. [Read more...]
Nancy J. Winter, CPA – What to Do if You Receive an IRS Notice
For most people, receiving a letter form the IRS seems like a nightmare. First bit of advice if you receive an IRS notice: Don’t panic! The IRS sends out millions of letters and notices to taxpayers annually. They cover a broad range of subjects from errors on your tax return to verification of your identity. Many of these IRS letters are mailed shortly after tax season ends. Following are some tips if you get one of these notices. [Read more...]
Nancy J. Winter, CPA – What is a Conservatorship?
In some cases, people may not be able to make some decisions for themselves. This could be due to age or mental or physical limitations. In these cases, a conservator may be appointed. Definitions of conservatorship or guardianship can vary by state, but in many cases, a conservatorship handles financial matters and a guardianship handles day-to-day activities. [Read more...]
Nancy J. Winter, CPA – THANK YOU!
for being our valued
CLIENTS AND FRIENDS
& for making this
a successful tax season.
We appreciate the opportunity to serve you!
NANCY, RHONDA, EMMA,
JIMMIE, ANNA, & LANEY
Nancy J. Winter, CPA – Staying on Track with Your Monthly Budget
Now that you’ve made that budget, how do you stick with it? It can be hard, especially during the spring and summer months when we tend to spend more, but the longer you do it, the easier it gets. You need to be consistent, but a few tricks will help you achieve some of those goals. [Read more...]
Nancy J. Winter, CPA – Are You Required to Make Estimated Tax Payments
With the approaching due date of April 18, you may find that you are required to make estimated tax payments for tax year 2023. If you have found a way to earn additional income, and federal taxes are not being withheld from it, you may be required to estimate your tax bill and send a quarterly check to the IRS. If you don't send money that's required, you could be subject to a penalty.
You may need to make estimated tax payments if you have self-employment income. Other sources of income from which taxes are often not withheld include interest, dividends, capital gains, alimony, prizes, awards and gambling winnings. [Read more...]