November - 2017

Office : 281-370-6622

Cell: 936-870-8256

SETFS Library

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Tax-Free Investments

Tax-Free Investments

Single Most Important Tax Tip Recently, I was asked, “What was the most important year-end tax planning issue that professionals should be discussing with their clients this year.” For me, the answer was easy. I am a financial advisor who has developed a niche in tax-advantaged longevity and long-term care planning and funding strategies. --- Here is the Executive Summary: --- 1. For Individuals and Couples: Consider purchasing HSA health insurance. Throug

Roth IRAs

Roth Conversion Opportunity Call us at 281-370-6622 to learn more about the opportunity now to convert to tax-free dollars. You can convert traditional IRAs to Roth IRAs. For this reason, it is good to understand more about Roth IRAs. Basic Rules of Roth IRAs Roth IRA is subject to the same rules that apply to a traditional IRA. Same eligibility requirements (See below) Same contribution deadline (April 15th following the tax year) Same 10% early withdrawal penalty except in

Planning For Your Future

Have you thought about or updated your retirement plan recently? Part of retirement planning means to devise a roadmap to care for yourself and your family after you are no longer earning a regular salary. It affects not only your current lifestyle but your future lifestyle as well. You may think that you have plenty of time to plan for the future. After all, you are young. And, besides, you have many career advancements and salary increases ahead of you. Retirement Plann

Record Keeping Guidelines

We were recently asked the question: "How long should taxpayers keep old tax returns, documentation, and receipts?" The IRS has published many requirements that we would like to summarize as briefly as possible. We recommend that you keep the previous 6 years returns, documentation, and receipts. Some people keep a copy of the tax returns older than six years and just destroy the documentation and receipts that are seven years and older. The IRS can generally audit the prev

Our Advice

Have you ever wondered... How to Escape from a Bear (the Market) Lie still and stay quiet ~ Don’t Run, Don’t Necessarily Sell Out! Stay where you are and do not climb a tree to escape a bear ~ Keep asset allocation constant and periodically rebalance portfolio. If you are lying still and the bear attacks, strike back with anything you can ~ If you have some cash, you may want to invest it! Cry out for HELP ~ Call us before you do something to irritate the Bear. How to Reach Y

Business Consideratons

Matt Gaylor says, "Business Owners, have you considered: Financial Review - have you reviewed financial reports (income statement, balance sheet) for this past year? Have you devised a budget for best and worst case scenarios? Business Insurance - Do you have coverage? What should be covered in business insurance (loss of income due to flooding, workers compensation, building/renters insurance just to name a few)? Continuation Plan - what would happen if you can no longer wo

The Nanny Tax

People who paid domestic help more than $1,400 will need to file Schedule H, "Household Employment Taxes," with their (Federal) income tax returns. If the employer has no 1040 filing requirement, Schedule H must be filed alone. If you paid someone to work in or around your home, you may owe employment taxes. Employment taxes are social security (12.4%), Medicare (2.9%), withheld Federal income, and Federal unemployment (0.8%) (FUTA) taxes. Employment taxes on wages paid to

Letters in the Mail

What to do when you receive a letter from the Internal Revenue Service? You have gone to your mailbox. There are bills and junk mail, but it is worse than you thought. A letter has arrived addressed to you from the Internal Revenue Service, Department of the Treasury (IRS). Suddenly your mind starts asking questions. What? When? How? Don't panic. Here's what to do. First, open the envelope and see what their concern is. Next, don't assume that the IRS notice is correct. In o

SETFS, LLC

Katherine Nixon

CPA, CPC, PMP

Office: (281) 370-6622

Cell: (936) 870-8256

Longevity Planning

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