Elliot B Medoff

read moreElliot B. Medoff, CPA, P.A. provides a wide range of services to individuals and businesses in a variety of industries. At Elliot B. Medoff, CPA, P.A., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. At Elliot B. Medoff, CPA, P.A., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.

read moreA copy of the Form could also be held by a family member who will act on your behalf if you are unable to.

read moreI believe the U.S. Tax Code was written with the idea that helping others should also benefit the donor. Thus, the tax deduction for charity giving has remained a constant itemized deduction through many years of tax law change. There are many ways of giving and many charities to give to. It all depends on your desire to help. The rest of this message will deal with one charity that can save lives of millions of children and the different methods to help. My oldest son was diagnosed with Type 1 Diabetes (Juvenile Diabetes) when he was two years old.

read moreWhen it comes to retirement planning, many people tend to focus on two things: opening a retirement savings account and then eventually drawing funds from it. However, there are other important aspects to truly doing everything you can to grow your nest egg. One of them is celebrating your 50th birthday. This is because those age 50 or older on December 31 of any given year can start making "catch-up" contributions to their employer-sponsored retirement plans that year (assuming the plan allows them).

read moreThe first step is to figure out a realistic financial goal for yourself and your family. Talk with your loved ones to ensure that everyone has the same goals in mind. Clearly not all families will have the same end goal - figure out what is important to you, whether it is early retirement, financial comfort, children's education, travel, taking care of elders, or your children. Someone starting their savings in their early 20s can save 10% of their income and have a sufficient nest egg, while someone starting in their 40s may have to bump that number up more towards 20%.

read moreApril 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.

read moreInformation and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor. There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.

read moreIf you have a large capital gain this year from an investment, it may be advisable to hold onto the investment until next year to put the gain into next year's taxes. You may also want to sell off any investments that you have that are losing value at the moment to claim your losses. The interest gained from state and local bonds is usually exempt from federal income taxes. These investments generally pay back at a lower interest rate than commercial bonds of similar quality. Since Treasury Bonds are similarly exempt from state and local income tax, they can be a particularly good investment for those who are in high tax brackets and live in high-income-tax states.