|
|
|
Greetings!
Let Us Help You Leverage What You Can Learn from Your Tax Return
What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money--and about areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, remember that we can help. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisors. So whether you are concerned about budgeting; saving for college, retirement or another goal; understanding your investments; cutting your tax bite; starting a business; or managing your debt, you can turn to us for objective answers to all your tax and financial questions.
- The Members of Weltman Bernfield
|
 Tax Tips from Weltman Bernfield
Information you should know
Tax season is a hectic time and it's easy to get overwhelmed by all the details. From filing an extension to email scams, we've put together a few tips to help you out. Read more...
|
 Overview of New "Fiscal Cliff" Law
Key tax provisions for individuals and businesses
In case you missed our January 2013 article covering the new American Taxpayer Relief Act, here is a summary of the main tax provisions of interest to individual and business taxpayers.
|
 Meet Your Family's Long-term Needs
Plan now for future obligations
According to the Centers for Disease Control and Prevention, a government agency, the current life expectancy of Americans is 78.5 years. It has been going up, and that, of course, is good news. Nevertheless, an elderly relative who needs expensive long-term care could cause financial and emotional problems for the rest of the family.
Because the risk of needing long-term care increases with age, it is important to plan ahead, both for yourself and other family members. For most people, the best time to take steps to address your family's needs is when you are relatively young and in good health. Read more...
|
|
 Medical Deductions: No Sugar Coating
Maximize benefits under tough rules
Just a spoonful of sugar helps the medicine go down. Unfortunately, the tax rules for medical and dental expenses are getting even tougher to swallow. Reason: for 2012, unreimbursed expenses are deductible only to the extent the total for the year exceeds 7.5% of your adjusted grows income (AGI). What's more, the AGI floor will increase to 10% in 2013.
Read more... |
 Standard Mileage Rates for 2013
The IRS recently announced the standard mileage rates for deductions in 2013. The rate for business driving is 56.5 cents per mile (up 1 cent from 2012), the rate for medical and moving purposes is 24 cents per mile (up 1 cent from 2012), and the rate for charitable purposes is 14 cents per mile (the same as 2012). Note that these rates may be used in lieu of keeping more detailed records for actual travel.
|
|
|
|
|
Someone You
Should Know
Richard Nechtow, CPA
847.941.0218
Richard Nechtow is a Member of the firm and serves on the Executive Committee and our Management Committee. He is also our Tax Service line leader with more than forty years of experience providing tax guidance, and an expertise in wealth transfer planning for high net worth individuals.
Richard's areas of concentration include family wealth and business planning; federal estate, gift and generation-skipping tax planning; and estate and trust administration. He counsels family groups, business owners, executives and individuals on all aspects of wealth transfer planning and has extensive knowledge in charitable giving and succession planning for closely-held businesses.
"My professional emphasis has always been to provide our clients with the highest level of personal service possible. The continued complexity of our professional standards and tax rules has increased the need to develop our intellectual horizons. The structure of Weltman Bernfield allows us to better serve the needs of our clients by offering an expansive range of services with a heightened technical awareness to meet their individual needs."
Richard, a member of both the AICPA and the Illinois CPA Society, received his Bachelor of Science in Accounting and Master of Science in Accounting degrees from Roosevelt University. He has pursued post-graduate course work in taxation at DePaul University and also has been a lecturer at Roosevelt University.
A native Chicagoan and father of two, Rich is an avid fisherman, outdoorsman, and Chicago sports fan.
| |
____________
| |
For more news,
| |
|
|
|
|
|
|
The information contained within this email is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant.
Any U.S. federal tax advice contained in this email is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
For your convenience, this email may contain hyperlinks to websites and servers maintained by third parties. We do not control, evaluate, endorse or guarantee content found in those sites. We do not assume any responsibility or liability for the actions, products, services or content of these sites or the parties that operate them. Your use of such sites is entirely at your own risk.
|
|
|
