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New York State STAR Program

By |2018-08-09T13:18:15+00:00August 9th, 2018|Property Owners, Tax Planning & Preparation|

Basic STAR vs. Enhanced STAR: Which one is right for me? By: Nick A. Jensen, CPA, CFP® New York State resident homeowners may receive a property tax exemption called School Tax Relief or STAR program. This program is found in the New York State Real Property Tax Law (RPTL) § 425 and is aimed at [...]

Making Sense of Itemized Deductions Under The New Tax Law

By |2018-11-21T15:14:59+00:00May 14th, 2018|Financial Planning, Tax Planning & Preparation, The Blog @JGUA|

MAKING SENSE OF ITEMIZED DEDUCTIONS UNDER THE NEW TAX LAW Lynda Tull, Associate Advisor If you’re a homeowner and you’re above the standard deduction, chances are you or your tax preparer have itemized your deductions. These deductions include, but are not limited to: Home mortgage interest payments City/state/school property taxes Personal property taxes State income [...]

Not So Happy Tax Day?

By |2018-11-26T11:36:04+00:00April 17th, 2018|Tax Planning & Preparation|

Andrew Baron, CFP® Associate Advisor Sometimes life gets the better of us and filing taxes can slip through the cracks. There can be numerous reasons for this to happen—from general procrastination to life-altering catastrophes. Regardless of your reason, anyone may request an automatic 6-month extension. This is an extension of time to file your tax [...]

2018 IRS Dirty Dozen

By |2018-11-26T11:36:59+00:00April 9th, 2018|Tax Planning & Preparation|

JGUA urges everyone to review the "IRS Dirty Dozen" to familiarize yourself with these scams that are hitting close home, and learn what to do if you become a victim of these tactics. Judith A. Palumbo, JD, CFP® Senior Advisor  On April 4th the IRS issued their 2018 IRS Dirty Dozen: Watch Out for These 12 Scams [...]

Do you qualify to utilize a QCD?

By |2018-11-21T12:30:47+00:00March 8th, 2018|Charitable Giving, Financial Planning, Investment Management, Legacy, Retirement, Tax Planning & Preparation|

If you do, reviewing your QCD strategy this Tax Season should be a priority... Kathryn W. Gerwig, CFP® Senior Advisor As you complete your 2017 income tax returns, keep in mind some tax provisions that will possibly be more important for 2018 and future years’ tax planning.  In 2015, the Protecting Americans from Tax Hikes Act [...]

Tax Cuts and Jobs Act of 2017

By |2018-11-26T11:38:52+00:00January 31st, 2018|Tax Planning & Preparation|

What has ACTUALLY changed? Andrew Baron, CFP® Associate Advisor The Tax Cuts and Jobs Act of 2017 (TCJA) was the first major shakeup in the United States tax code since The Tax Reform Act of 1986 under President Reagan. While there are significant changes to how corporations and other businesses are taxed, there are also [...]

GOP Tax Bill Passes

By |2017-12-20T14:31:52+00:00December 20th, 2017|Tax Planning & Preparation|

 Its official…The GOP’s $1.5 trillion tax plan cleared the Senate early this morning. (...with a lump of coal provision in the end.) The bill passed the House earlier Tuesday, but due to a procedural snafu the chamber will vote again today before noon. The re-vote isn’t expected to change the outcome. The Tax Cuts and Jobs Act, [...]

Want to reduce your Medicare premium? Your charitable contributions could be the answer.

By |2018-11-21T12:31:04+00:00December 19th, 2017|Charitable Giving, Financial Planning, Investment Management, Tax Planning & Preparation|

Want to reduce your Medicare premium? Your charitable contributions could be the answer. Brandi Graham, CFP® What do Medicare premiums and charitable giving have in common? One may be able to save you money on the other… If you make gifts to charity and are required to take a required minimum distribution (RMD) from your [...]

Year End Tax Tips

By |2018-11-26T14:18:08+00:00December 12th, 2017|Tax Planning & Preparation|

UPDATE: Due to last minute provisions to the tax bill which developed after we released this information, and before the final bill passed, most of these recommendations are no longer valid. One of our favorite Easter Eggs in the Tax Bill which allowed for prepayment of state and local income taxes in order to claim [...]

IRS Contribution Limit Changes for 2018

By |2018-11-26T14:18:54+00:00November 17th, 2017|Family, Financial Planning, Retirement, Tax Planning & Preparation|

What do these changes mean for you and your retirement savings plan? Lynda Tull, Associate Advisor The IRS has announced new contribution limits for retirement savings accounts which include 401K, 403B, and most 456 plans. Changes to income limits for IRA contribution deductibility and new contribution limits for Health Savings Accounts (HSAs) have also been [...]