News

TKH Sponsors 46th Annual Estate Planning Seminar

January 12, 2017

We are very excited to announce our Silver level sponsorship of the 46th Annual Estate Planning Seminar in Portland, OR. This is our fourth straight year being a Silver sponsor and maintaining a booth at the event, and we are proud to be continuing the tradition. This year, the 46th Annual Estate Planning Seminar is on Friday, January 20, 2017 at the Oregon Convention Center....

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Don’t include the IRS on your gift list

December 5, 2016

Suppose a relative gives you an expensive painting. Several years later, your relative dies and you decide to sell the painting. Your accountant says you’ll owe capital gain tax on the sale, and asks for your basis in order to reduce the amount on which you’ll pay tax. What’s your answer? When you sell property received as a gift, the general rule is that your...

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Know when to sell

December 5, 2016

Deciding when to buy a stock is often easier than determining when to sell. As you’re reviewing your portfolio at year-end, consider these situations that may indicate the right time to sell. When there are no tax consequences If you hold stock in a retirement fund, you may want to reap gains with no tax impact. To take money off the table If a stock...

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How social security benefits are taxed

December 5, 2016

Are you wondering if your social security retirement, survivor, and disability benefits will be subject to federal income tax on your 2016 return? Generally, when these benefits are taxed is determined by your “provisional income.” Provisional income (PI) is the product of a formula used for no other purpose than figuring out the taxable percentage of social security benefits. To compute your provisional income, total...

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Avoid hiring mistakes in your start-up

December 5, 2016

Staffing errors can spell disaster for your start-up. Here are three to watch out for. Staffing the firm with friends and family While this strategy may work in some circumstances, hiring pals and relatives often spells trouble. For one thing, friends and family members often expect – even subconsciously – to be treated differently from other employees. A double standard, whether real or perceived, can...

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Clean your financial house for the new year

December 5, 2016

Out with the old, in with the new. No matter whether you apply the expression to changes in attitude or to life adjustments, the end of the year is a great time to assess your household finances and prepare for new opportunities. Here are suggestions. Review your credit report Request a free copy of your credit report from each of the three major credit bureaus....

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Ready to start year-end planning? Focus on the big picture

November 1, 2016

Some tax-cutting strategies make good financial sense. Others are simply bad ideas, often because tax considerations are allowed to override basic economics. Here’s one example of the tax tail wagging the economic dog. Let’s say that you operate an unincorporated consulting business. You want an additional tax write-off, so you decide to buy $10,000 of office furniture that you don’t really need. If you’re in...

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Higher self-employment taxes coming in 2017

November 1, 2016

Did you know the national average wage index went up? You might have missed the news, but it’s likely you will notice one impact: higher self-employment taxes. How are the two related? The index is used to calculate the social security wage base, which is the amount of income subject to the 12.4% social security portion of the self-employment tax. When the index goes up,...

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Downtime is not wasted time

November 1, 2016

Does a suggestion to boost productivity with time off sound counterintuitive? Research has shown that giving workers – and perhaps yourself, as a business owner – time off to recuperate from work demands can be energizing. Here are three ways your business can benefit. Health and customer service benefits When combined with a sick leave policy, paid time off can help persuade employees with contagious...

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Prepare in advance for required IRA distributions

November 1, 2016

Once you reach age 70½, the required minimum distribution (RMD) rules say you have to withdraw at least a minimum amount from your retirement plans each year. Since the withdrawals are considered ordinary income, planning in advance can help you prepare for the impact on your federal income tax return. Here are two suggestions. Make a list of your accounts The rules require an RMD...

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