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DHJJ Financial Advisors offers insight on a variety of topics. From current market events to our perspective on timeless financial topics, you will find that our articles provide information that will help you to navigate your own financial landscape.


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Video Overview on the Impacts to Businesses with the Tax Cuts and Jobs Act

Video Overview on the Impacts to Businesses with the Tax Cuts and Jobs Act

The new tax law is now in effect for 2018. How does the new law impact businesses and their owners? This quick, 30-minute webinar will give you an overview on what to expect.

Presenter: Scott Singer

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Video Overview on the Tax Cuts and Jobs Act for Individuals

Video Overview on the Tax Cuts and Jobs Act for Individuals

February 28, 2018 Webinar recording on The Tax Cuts and Jobs Act and its Impact on Individuals

The new tax law is now in effect for 2018. How does the new law impact individuals? Terry Cicero gives an overview in an easy-to-digest webinar in under 30 minutes. Presenter: Terry Cicero

New Tax Law

  • On 12/20/17, both the House and Senate passed Tax Cuts and Jobs Act (“TCJA”).
  • The bill was sent to President Trump who signed it into law on 12/22/2017.
  • The largest major tax reform in 30+ years.
  • Most provisions come into law for 2018
  • Most individual provisions expire 12/31/2025
  • Withholding tables updated for new rates

View our webinar on the Tax Cuts and Jobs Act Impact on Businesses

DHJJ's Terry Cicero leads the webinar and goes over the major changes for individuals, such as the new tax rates, standard deduction, exemptions, child tax credit, itemized deductions, and other changes. The webinar ends with several examples on how the new tax law can impact your own unique situation.

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A Must Read for Taxpayers Who Give to Charity and are Required to Take IRA Distributions

A Must Read for Taxpayers Who Give to Charity and are Required to Take IRA Distributions

It’s time to take a fresh look at Qualified Charitable Distributions after tax reform

Many taxpayers, especially retirees with little or no mortgage interest, will no longer itemize their deductions beginning with the 2018 tax year due to the nearly doubling of the standard deduction (to $24,000 for married filing joint) and due to changes (limitations/elimination) to other deductions.   Taxpayers who claim the standard deduction will not see any income tax savings from any charitable contributions.    
 

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Capture Tax Savings By Paying Certain Deductions Before Year-End

Capture Tax Savings By Paying Certain Deductions Before Year-End

Three Tax Savings Opportunities Before Tax Reform

There is an opportunity for many taxpayers to accelerate some deductions into 2017 to reap significant tax savings. The Tax Reform bill now signed into law nearly doubles the standard deduction while eliminating or limiting certain itemized deductions.

Let's focus on 2 major items in the new Tax law:

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Tax Reform: Webinar Recording on What You Need to Know Before 2017 Ends

Webinar recording on Tax Reform: What You Need to Know Before 2017 Ends

The tax reform bills in Congress are set to bring significant changes to the tax system. Join DHJJ tax professionals Terry Cicero and Scott Singer on a short webinar to hear about proposed changes for individuals–and what you can do to save tax dollars for 2017 before the end of the year.

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Year-End Tax Planning Can Yield Significant Tax Savings

Year-End Tax Planning Can Yield Significant Tax Savings

Where has the year gone? The holiday season will soon be in full swing and you may not give year-end tax planning the attention it deserves. Too often taxes are only thought of when they need to be paid or when a tax return needs to be filed; this can be costly. There could be actions to take before year-end to minimize your tax bill or to take advantage of a unique tax situation you are in.

Where Do You Stand in 2017? Know Your Estimate of Taxable Income

It’s imperative that a year-end tax projection be done to see where 2017 income stands to arrive at an estimate of taxable income. The projection is the starting point to see what the tax is on the next dollar of income or what the tax benefit is on the next dollar of deduction. Due to the alternative minimum tax (AMT) and certain phase-outs you cannot assume that your next dollar of income or deduction will be at your marginal tax rate. For example, many taxpayers in the $200,000 to $300,000 income range fall into a marginal tax rate of 25% to 28%, but, most taxpayers in this income range actually pay tax at a 35% rate on an additional dollar of income because they are subject to the AMT and phase-out of the AMT exemption.

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Roth IRA Conversions - 10 More Questions that Go Beyond the Basics

Roth IRA Conversions - 10 More Questions that Go Beyond the Basics

Last month we covered the basics of a Roth IRA conversion.  (If you missed it, Read it Here). This month we'll discuss a few more mechanics of converting along with conversion strategies to maximize tax savings. Let's get to the Q&A...

1.      First, can you provide clarity on the timing of the conversion and when it’s income for tax purposes?

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10 Roth IRA Conversion Questions and Answers

10 Roth IRA Conversion Questions and Answers

Converting traditional IRA (Individual Retirement Account) funds to a Roth IRA can be a powerful tax savings opportunity. Here are some frequently asked questions on the topic:

1. What is the main difference between traditional IRA and Roth IRA? 

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NAPERVILLE
T: 630.420.1360
F: 630.420.1463
184 Shuman Blvd, Suite 200
Naperville, IL 60563

ST. CHARLES
T: 630.377.1106
F: 630.377.2294
2560 Foxfield Rd, Suite 300
St. Charles, IL 60174

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