Finance & Enjoyment Blog

November 24, 2015Year End Retirement Strategies
Category: Retirement and Exit Strategies

Year End Retirement Strategies As we bid farewell to 2015, there are several strategies and deadlines you may need to meet to qualify for credits and tax deductions. As your Denver CPA here at KKB, we put together some year end retirement strategies you can take advantage, as well as things to keep in mind before the start of 2016. After all, we all want to start the New Year off on the right foot. Last Minute Contribution to 401(k) We have written several blogs on this 401(k) contributions, but it is a very important part of retirement portfolios. As we near the end of the year, you have until December 31st to contribut …

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June 09, 2015Why Giving to Charity is Important
Category: Retirement and Exit Strategies

Why Giving to Charity is Important At KKP-CPA we realize that every dollar you work for is precious and there are endless amounts of ways to spend it. You may be saving for a fancy car or a new wardrobe, but instead of treating yourself, think about the benefits of rewarding someone less fortunate. According to a study by Harvard Business School, participants who gave money to someone else were happier than those who spent it on themselves. Here are just a few reasons why giving to charity is important. Charitable Giving Isn’t Just About Money Giving your money to charity is just one of the many ways to help others. While …

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April 13, 2015Medical Practice Succession Plans-Give it Time and Be Transparent
Category: Retirement and Exit Strategies

Medical Practice Succession Plans-Give it Time and Be Transparent When you own a medical practice, retirement considerations go beyond your personal aspirations and goals. Your retirement strategy must also include the transition plan for your medical practice and effective care coordination for your patients after you go on to enjoy retirement. Now that your medical practice is mature and retirement is no longer an elusive some-time-in-the-distant-future notion, it’s time to turn some attention to medical practice succession plans. At KKB, P.C. we find that it’s easy to underestimate the time and decision-making that goes into this transition, so we outline …

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February 11, 2015401(k) Check-up: Ensure your 401(K) Is Healthy
Category: Retirement and Exit Strategies

401(k) Check-up: Ensure your 401(K) Is Healthy With higher 401(k) contribution limits for 2015—$18,000 for under age 50 and $24,000 for those 50 and over—it might be tempting to focus on the quantity of money you’re diverting to your retirement funds. However, at KKB, P.C. we take a holistic approach to personal wealth management, and encourage you to assess the quality of your 401(k) plans quarterly but at minimum annually, or risk leaving money on the table. Here are four ways to conduct a 401(k) check-up right now: 1. Rebalance It’s easy to get swept away with positive results when in a bull market. The reality is that the market w …

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January 09, 2015It’s Time to Update Your Retirement Accounts
Category: Retirement and Exit Strategies

It’s Time to Update Your Retirement Accounts It’s Time to Update Your Retirement Accounts Since January is a month of resolutions and goal setting, make sure you take some time to evaluate your financial reality to make sure you are on track to hit your future financial goals. Personal wealth management isn’t something you should leave to chance—a check-in and adjustments to your retirement accounts should be done at minimum once a year. Evaluate Your Investor Profile An annual check-in of your retirement accounts provides the perfect opportunity to ensure that your investment profile accurately reflects your tolerance for ri …

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December 05, 2014CPA Denver On Charitable Giving
Category: Retirement and Exit Strategies

CPA Denver On Charitable Giving As a CPA of Denver, we know that charitable giving can play an important role in many estate plans. Philanthropy cannot only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die. There are many ways to give to charity. You can make gifts during your lifetime or at your death. You can make gifts outright or use a trust. You can name a charity as a beneficiary in your will, or designate a charity as a beneficiary of your retirement plan or life insurance polic …

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June 24, 2014Denver CPA: Planning an Exit Strategy
Category: Retirement and Exit Strategies

Denver CPA: Planning an Exit Strategy One of our goals at KKB is to help our clients navigate all financial aspects of their practice. We help our clients with their taxes, personal wealth management, and we also offer business and practice consulting. One of the many services we provide our clients is exit planning. Planning an exit or transition strategy is not reserved for business owners looking to retire. Company owners of all ages should have a plan in place, and your Denver CPA can help with the right strategy for your business or practice. The first step is developing a succession plan. This plan will help you choose a …

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June 06, 2014Denver CPA: Retirement Confidence Increasing
Category: Retirement and Exit Strategies

Denver CPA: Retirement Confidence Increasing Saving for retirement has always been a hot topic. As personal wealth management consultants for many of our clients, we get a lot of retirement questions: How much do I need to save? Another popular question is: Where should I invest my money? Saving for retirement has been a frequent subject of conversation for years. Your Denver CPA Firm has some good news for you: Studies have shown that retirement confidence is increasing. According to a survey released in April by the Employee Benefit Research Institute, retirement confidence has rebounded from its all-time lows of the past five years …

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January 28, 2014Colorado Certified Public Accountants: How Strong is your 401(k)?
Category: Retirement and Exit Strategies

Colorado Certified Public Accountants: How Strong is your 401(k)? No matter how old you are or what employment stage you are in, it’s always a good idea to keep an eye on your savings for retirement. Your Denver financial planner has the inside scoop as to how strong your retirement savings plans are. Back in 2006, The Pension Protection Act was put in to place to strengthen 401(k)s because 401(k)s are going to be the main savings option for people 40 years old and younger. The plan is still evolving; however here are some trends that aim to further strengthen 401(k)s: Companies are now automatically enrolling employees in 401(k) sponsored plans. Stat …

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December 03, 2012Retirement: Medicare Premium Changes In 2013
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

In 2013, the basic Medicare Part B premium will rise $5 to $104.90 a month. This monthly rate will be higher for seniors with modified income above $170,000 for married and $85,000 for singles. Modified income means regular income plus tax-exempt interest, education bonds, and excluded foreign earned income. Higher income seniors will also owe a surcharge on premiums for Medicare Part D. This surcharge ranges from $11.60 to $66.60 depending on how much those seniors modified income is above $170,000 for married and $85,000 for singles. Marrieds filing separately will be hit especially hard if …

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November 06, 2012Your Financial House: Should I start my Social Security Early?
Category: Your Financial House, Time Management and Organization, Retirement and Exit Strategies, Rules and Regulations

Should I start my Social Security Early?   A good friend of mine just turned 62. He announced to me he was going to start his Social Security. I have analyzed this several times and knew this would not be the best economic answer. The reduction they impose for starting early is significant. So I asked him to wait, and send me the amounts he would receive now, and the amounts he would receive if he waited until his normal retirement age at 66. He has a pension from his career employer that is decent, so I knew he would have respectable income without Social Sec …

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November 02, 2012The Fiscal Cliff: Sequestration
Category: Successful Practice Management, Your Financial House, Retirement and Exit Strategies, Rules and Regulations

The Fiscal Cliff: Sequestration   We discussed the big ticket item of the Bush Tax Cuts in the last blog.  The next biggest item is sequestration. Until the Budget Control Act was signed in August, 2011 most people had probably not heard of the word before. The Wikipedia definition of sequestration is “A U.S. legal procedure in which automatic spending cuts are triggered, notably implemented in the Budget Control Act of 2011.” This Act established the so called “Super Committee, which was tasked with putting together a bipartisan piece of legislatio …

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October 19, 2012The Fiscal Cliff: The Bush Tax Cuts
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

  As of this writing, the tax cuts signed into law back in 2001 and 2003 are set to expire at the end of 2012. As there is not enough room in a blog to go through all of these expiring cuts in detail, we will highlight those that will have the biggest impact on our clients in 2013.   Income tax brackets will change.   Currently there are six tax brackets, with the lowest at 10% and the highest at 35%. In 2013, there will be five brackets, with the lowest at 15% and the highest at 39.6%. For a couple with $50,000 of taxable income, their taxes are expected …

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October 17, 2012The Fiscal Cliff: An Introduction
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

  We recently attended Colorado Medical Society’s annual meeting and Colorado Medical Group Management Association’s Fall conference. We enjoyed meeting many of their members and discussing a topic that is looming larger every day. That topic is the “Fiscal Cliff” that our nation is facing come January 1,, 2013.    The term “Fiscal Cliff” was coined by Ben Bernanke, the current Chairman of the Federal Reserve,. In February of 2012, he used this to term to describe “a massive fiscal cliff of large spending cuts and tax i …

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September 09, 2012Tax Tips: Medicare Surcharge On Investment Income
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

In 2013, a new tax will take effect that will apply to all upper-income earners on their investment income. The source of this new tax is a surcharge to provide an additional revenue stream for Medicare and will charge 3.8% on the lesser of taxpayer’s investment income or total adjusted gross income above $250,000 for married individuals and $200,000 for singles. In other words, if you’re married and have $50,000 in investment income (dividends, capital gains, etc) while your total income for the year is $270,000, then you’ll owe an extra $760 in taxes [(270,000-250,000) x 3.8%]. Howe …

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May 25, 2012Considerations When Converting To Or From A Roth IRA
Category: Retirement and Exit Strategies

When it comes to IRA to Roth conversions, estimated tax should be the number one factor in your decision. Future tax rates are the key in determining whether a Roth conversion is worth it. In other words, would you rather take the tax hit now or later? To compare the types of retirement accounts, a normal IRA is not included in normal income at the time you contribute money to the plan and is only taxed at the time of distribution whereas a Roth IRA is taxed as normal income when the contribution is made, but the distributions are taken tax-free. When converting from an IRA to a Roth, the …

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March 05, 20122013's Medicare Tax Increase And How You Can Avoid It
Category: Your Financial House, Retirement and Exit Strategies

2013's Medicare Tax Increase And How You Can Avoid It A Medicare tax increase going into effect in 2013 may have a significant impact on your investing strategy. A 3.8% levy on unearned income will be assessed to single filers with adjusted gross income (AGI) over $200,000 or $250,000 for those joint filers. The 3.8% levy will be applied against the smaller of the filer’s net investment income or the excess of AGI over the threshold. To show an example of this, if a single filer has $300,000 and $50,000 of investment income, then they would pay the 3.8% against the investment income. Ho …

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January 12, 2012Physician Retirement and Exit Strategies
Category: Retirement and Exit Strategies

Physician Retirement and Exit Strategies A quick Google search on "retirement and exit strategies physicians" gave me 357,000 hits. I did the same search on Yahoo and got 30,500,000 hits. While I did not look at all of these, I did scan a few pages of hits and found two words showed up quite a bit. These two words were "solo" and "group." When I first was asked to write about this topic, I was thinking more along the lines of the 60+ year old physician looking for a lighter schedule for a year or two while the patients are transitioned to another physician in the practice or to someone who …

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February 17, 2010Roth IRA Conversions
Category: Your Financial House, Retirement and Exit Strategies

Roth IRA’s (named after Representative Roth who was chairman of the House Ways and Means committee at the time) have been in existence since 1998.  They are only available to individuals with earned income and adjusted gross incomes below established levels.  Roth IRA’s are advantageous because: Virtually all future income, growth and withdrawals are tax-free You are not required to take distributions after age 70 1/2, as you are with traditional IRA’s Taxpayers with adjusted gross incomes below $100,000 have been permitted to convert traditional IRA& …

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February 11, 2010Prepare for the RAC Attack
Category: Successful Practice Management, Retirement and Exit Strategies

RAC Audits Are Coming! Have a sample of your claims reviewed by an outside coding expert.   Be sure your compliance manual is up to date.   Look for your most frequently used and highest dollar claims, and be sure coding is accurate. These will be among the first areas of RAC examination.   Monitor the RAC’s Web site for the items at the center of their attention, and scrutinize your practice for all that apply. CMS requires that RACs inform the public of specific areas of interest. Connolly’s Web site is: www.connollyhealthcare.c …

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