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Shaw, Hull and Navarrette, CPA's

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Reconciling a Bank Account

One of the basic steps in keeping an accurate record of a bank account, whether it is a business account or a personal account, is performing a periodic reconciliation of the account.  This basic step is important for many reasons including ensuring that any...

IRA Inheritance Rules for Surviving Spouses

If you have been named the beneficiary of your spouse’s IRA, it is important that you understand the rules regarding IRA inheritance and the potential opportunities to defer taxes. The rules relating to inherited IRA’s are complex and it is important to consult with...

Inheriting an IRA

Inheriting an IRA can be a financial boon to a beneficiary. If the beneficiary is aware of all of their options when they inherit an IRA, they may be able to defer the tax implications of the IRA and further increase the financial benefits of the inheritance. Today we...

Nebraska Inheritance Tax

Nebraska is one of a small handful of states that taxes heirs on their inheritance. The tax rate varies based on the relationship of the recipient to the decedent. If the decedent’s property passes to their spouse in full, there is no inheritance tax due. Any property...

Qualified Business Income Deduction

One of the significant new tax deductions taking effect in 2018 under the new tax law is the qualified business income deduction. It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or...

New credit for paid family and medical leave

The Tax Cuts and Jobs Act makes changes to the general business credit by adding a new component credit for paid family and medical leave which is available to eligible employers for wages paid to qualifying employees on family and medical leave. The credit is...

Tax developments – spring 2018

Tax developments - spring 2018 The following is a summary of a few tax developments that have occurred in the first few months of 2018 that may affect you, your family, your investments, and your livelihood. Please Contact Us for more information about any of these...

What is the gift tax and who pays it?

What is the gift tax and who pays it? The gift tax is a tax on the transfer of property by one individual to another while receiving less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. Gift tax applies to the...

Help! I filed my taxes wrong!

Help!  I filed my taxes wrong! What should you do if you have made a mistake on your taxes?  The first thing you should do is not panic – and secondly you should go about correcting the error. The longer you wait the more work it is to correct the error – and it can...

Does your paycheck need a checkup?

Your paycheck may need a checkup!  With the new tax law that passed in December 2017, there is a good chance that you will see some changes when you file your 2018 income tax return.  In order to be prepared for the impact of the new tax law, it is a good idea to plan...

Required Minimum Distributions

If you have a retirement account such as a traditional IRA or a 401(k) you typically are required to begin taking distributions from the plan at the age of 70 ½. These distributions, commonly referred to as required minimum distributions or “RMDs”, provide for a...

Countdown to Tax Day!

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