Bernstein Tax Group

AMT Awareness & The 529 Plan for Funding a College Education

AMT Awareness: Be Ready For Anything When it comes to tax planning, you’ve got to be ready for anything. For example, do you know whether you’re likely to be subject to the alternative minimum tax (AMT) when you file your 2016 return? If not, you need to find out now so that you can consider taking steps before year end …

Bernstein Tax Group

Home Office Deduction & Household Employees

Getting Comfortable With The Home Office Deduction One of the great things about setting up a home office is that you can make it as comfy as possible. Assuming you’ve done that, another good idea is getting comfortable with the home office deduction. To qualify for the deduction, you generally must maintain a specific area in your home that you …

Bernstein Tax Group

Organizing Your Financial Records & Summer Camp Costs

Organizing Your Financial Records For Best Results With tax time long over and midyear officially here, it’s a great time to organize your financial records. And the key word here is indeed “organize.” Throwing all your important documents into a drawer won’t help much when an emergency occurs and you (or a family member) need to find a certain piece …

Bernstein Tax Group

Family Wealth Management & Amending Your Tax Return

Juggling Family Wealth Management Is No Trick Preserving and managing family wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained family wealth management plan. Start with the basics First, a good estate plan can …

Bernstein Tax Group

Save Green with Sustainable Tax Breaks & The Tax Impact of Debt Relief

Go, Save Green with Sustainable Tax Breaks Many people want to do something, however small, to contribute to a healthier environment. There are many ways to do so and, for some of them, you can even save a few tax dollars for your efforts. Indeed, with the passage of the Protecting Americans from Tax Hikes Act of 2015 (the PATH …

Bernstein Tax Group

Walk the Path to Tax Savings for 2015 & Substantiating Donations

Walk the Path to Tax Savings for 2015 Like many taxpayers, you may have been expecting to encounter a few roadblocks while traversing your preferred tax-saving avenues. If so, tax extenders legislation signed into law this past December may make your journey a little easier. Let’s walk through a few highlights of the Protecting Americans from Tax Hikes Act of …

Bernstein Tax Group

Roth IRA Rules & Married Filing Jointly vs Separately

Reacquainting Yourself With The Roth IRA If you’ve looked into retirement planning, you’ve probably heard about the Roth IRA. Maybe in the past you decided against one of these arrangements, or perhaps you just decided to sleep on it. Whatever the case may be, now’s a good time to reacquaint yourself with the Roth IRA and its potential benefits, because …

Bernstein Tax Group

Preventing Tax-related Identity Theft & Simplifying Your Financial Life

How You Can Help Prevent Tax-related Identity Theft Tax-related fraud isn’t a new crime, but tax preparation software, e-filing and increased availability of personal data have made tax-related identity theft increasingly easy to perpetrate. The IRS is taking steps to reduce such fraud, but taxpayers must play their part, too. How they do it Criminals perpetrate tax identity theft by …

Bernstein Tax Group

Capital Gains and Losses & Earn 5% or More on Liquid Assets

What You Should Know About Capital Gains and Losses When you sell a capital asset, the sale results in a capital gain or loss. A capital asset includes most property you own for personal use (such as your home or car) or own as an investment (such as stocks and bonds). Here are some facts that you should know about …