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Don G. Chastain, CPA

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Can You Afford To Retire Early?

Posted by Don G. Chastain, CPA on Apr 06, 2018

Answer the key questions below:

If you are like many Americans, you may have visions of an early retirement. Although there are usually hurdles to overcome, the dream may become a reality, depending on your answers to the following questions.

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Posted in Retirement & Wealth Management Planning

Compare the Two Types of IRAs

Posted by Don G. Chastain, CPA on Mar 12, 2018

Distinguishing traditional IRAs from Roths

There are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2017 tax year is April 17, 2018. There are no extensions for making IRA contributions for 2017, even if you obtain an extension for filing your return.

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Posted in Retirement & Wealth Management Planning

A Joint Home Purchase Can Ease Estate Tax Liability

Posted by Don G. Chastain, CPA on Feb 26, 2018

If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks to the Tax Cuts and Jobs Act, federal estate taxes are less of a concern for most families. However, the high exemption amount is only temporary, and there’s state estate tax risk to consider.

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Posted in Estate Planning

Small Business Owners: A SEP May Give You One Last 2017 Tax and Retirement Saving Opportunity

Posted by Don G. Chastain, CPA on Feb 12, 2018

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s still time to establish a SEP for 2017 and make contributions to it that you can deduct on your 2017 income tax return.

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Posted in Retirement & Wealth Management Planning

Seven Time Tested Year-end Tax Tactics

Posted by Don G. Chastain, CPA on Nov 06, 2017

At this point, it is still uncertain whether any significant tax reform will be enacted this year. Keeping that in mind, individual taxpayers may stick with “tried-and-true” methods to reduce taxes owed at year-end. Here are seven prime examples: 

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Posted in Individual Tax

Pension Plans Aren't Yet A Relic Of The Past

Posted by Don G. Chastain, CPA on Oct 06, 2017

 

Only 20% of Fortune 500 companies are offering new employees pension plans, but plenty of workers and retirees still count on them for retirement income.

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Posted in Retirement & Wealth Management Planning

4 Reasons Not To Borrow From Your 401(k)

Posted by Don G. Chastain, CPA on Sep 01, 2017

401(k) loans are easy to get but should only be considered as a last resort.

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Posted in Retirement & Wealth Management Planning

Top Retirement Locations Aren't All In the Sunbelt

Posted by Don G. Chastain, CPA on Aug 10, 2017

Looking to retire? You may be surprised where some of the top retirement locations are.

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Posted in Retirement Planning

Entering a Roth Through the Back Door

Posted by Don G. Chastain, CPA on Aug 07, 2017

Is this retirement strategy right for you?

The door to Roth IRAs is closed to some high-income taxpayers because of annual limits imposed on contributions. But you may be able to use a “back-door” method that is perfectly legal. This technique may help you preserve more assets for your eventual retirement.

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Posted in Individual Tax

3 Breaks For Business Charitable Donations You May Not Know About

Posted by Don G. Chastain, CPA on Jun 27, 2017

Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses.

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Posted in Business Tax

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