Kenneth E. Banks, CPA, P.A.

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Planning Tools

Here are a few tools that may be helpful in planning for the future.  We are always available if you need assistance or have a question. 

 
Business Owner
 Articles
  Starting a business
   Advantages and disadvantages of self-employment
   Choosing an entity for your business
   Funding a business
   Hiring your first employee
   Tax planning for the self-employed
 Decision Tools
  Choosing an entity
   Choosing a business entity
 
Education Planning
 Articles
  529 plans
   529 plans vs. other college savings options
   529 plans: The ins and outs of contributions and withdrawals
   Choosing a state savings plan
   Opening a 529 account
   The ABCs of 529 plans
 
Estate Planning
 Articles
  Estate planning basics
   Estate planning--an introduction
   Gift and estate taxes
   Wills--the cornerstone of your estate plan
 
Personal Finance
 Articles
  Managing credit and debt
   Contemplating bankruptcy
   Understanding your credit report
 
Retirement Planning
 Articles
  Saving for retirement
   Estimating your retirement income needs
   Retirement planning--the basics
   Saving for retirement and a child's education at the same time
 
Special Situations
 Articles
  Caring for an aging parent
   Caring for your aging parents
   Medicaid and nursing home care
  Loss of a spouse
   Organizing your finances when your spouse has died
  Raising a family
   How much life insurance do you need?
   Teaching your child about money
   The best ways to save for college
 Decision Tools
  Financial basics
   Auto loan payment calculator
   Credit cards--advantages vs. disadvantages
   Loan amortization calculator
   Personal cash flow worksheet
 
Tax Planning
 Articles
  General tax planning
   Am I having enough withheld?
   Tax planning for income
   Tax planning for the self-employed
   Year-end tax planning
  Tax credits and deductions
   Personal deduction planning
   Understanding personal tax credits
 Decision Tools
  General tax planning
   Accelerating deductions/postponing Income
   Accelerating income/postponing deductions
  Tax credits and deductions
   Tax credit sampler
 FAQs
  General tax planning
   Am I having enough tax withheld from my paycheck?
   Are my Social Security benefits subject to income tax?
   Do I have to file a federal income tax return?
   I don't have the cash to pay my taxes. What can I do?
   My spouse passed away this year. When I file my taxes, what filing status should I claim?
   What is my tax bracket?
   What is the alternative minimum tax?
  Tax credits
   Can I take the credit for the elderly or disabled?
   Can I take the tax credit for child care?
   Now that my child is in college, am I entitled to any education tax credits?
   What are the Hope credit and the Lifetime Learning credit?
   What is the child tax credit?
   What is the difference between the child tax credit and the child and dependent care tax credit?
   What is the earned income credit and who qualifies for it?
  Tax deductions
   I refinanced my principal home last year and paid points. What are points, and can I deduct them on my tax return?
   My spouse and I are filing separate returns. Can we both itemize our deductions? If so, how do we split the deductions?
  Taxes and child support/alimony
   Are alimony payments considered taxable income?
   What are the tax implications of child support payments?
  Taxes and insurance proceeds
   Are life insurance proceeds income taxable?
   I receive disability insurance payments. Are they taxable?