DK March Newsletter

On December 22, 2017 the Tax Cuts and Jobs Act (the “Act) was signed into law.  The new tax bill has several significant impacts to the Estate and Gift Tax law. Some of those changes include the following items:

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We are proud to announce Duffy Kruspodin, LLP and Cooper and Associates, APC of San Diego, have combined as of January 1, 2018.  In this merger, DK not only added six top notch professionals to our DK team, including John R. Cooper, MS Tax, CPA/ABV, CVA, CFFA, Patty B. Cooper, MST, CPA and Caroline J. Parra, MST, CPA, but we have expanded our service offerings in the areas of Business Valuation, Forensic Accounting, and Litigation Support, including Professional Expert Witness services.  In addition to managing his firm that specializes in tax, accounting, business valuation and litigation support, John also teaches at San Diego State University, as a professor, for the past 17 years and has penned numerous technical articles that are widely published.

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In previous years, many families didn’t qualify for the child credit, because they made too much money. But, thanks to the Tax Cuts and Jobs Act, for 2018 through 2025, this credit has been expanded and the phaseout thresholds have been substantially increased. Will your children and other “nonchild dependents” qualify you to claim this valuable tax break in 2018?

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A few generations ago, kids showed up at college with some clothes and maybe a stereo. Computers were something you went to the lab to use — if you used a computer at all — and property insurance wasn’t something we thought about. These days, most students arrive on campus with a major investment in electronics. Before sending your kids off to school, find out what kind of insurance they may need.

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Roth IRAs have a number of unique benefits but many eligible people don’t take advantage of them. Don’t miss out on this tax-saving vehicle because you assume you don’t qualify or you believe your tax rate during retirement won’t be very high. In this article, we explain why these assumptions might be wrong and how you might be able to build a substantial tax-favored retirement fund with a Roth IRA.

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If retirement is just a few years away, you need to have plans in place. Whether you are looking forward to leaving the work world or dreading it, there are many points to consider, mostly financial, but some related to your lifestyle choices. This article provides a checklist of some of the key areas you need to think about.

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