Tools & Tips from Michael Becker

EY Tax Guide 2014

When I need a quick answer to a fairly routine tax question, my go-to resource is the EY Tax Guide 2014, published by the accounting/consulting firm Ernst & Young.

This inexpensive and easy to read tax reference is perfect for practitioners and laypeople alike. It’s written in plain English, always a big plus for a tax reference. The index is especially well done, which makes looking up any topic a breeze. Examples of how rules work are provided for extra clarity, and, as the name implies, it is updated each year to stay current with the ever-changing tax laws.

While it won’t substitute for the services of an accountant when you’ve got a complex situation, this is a great place to start when you’ve got a run-of-the-mill tax question.

I’ve used it recently to help clients figure out whether an expense was tax-deductible as a business expense, as well as whether they qualify for a Roth IRA.

Recent Tools & Tips

529 Accounts Get a Power Boost

The recent tax bill passed by Congress has significantly expanded the benefits of 529 education savings accounts. These accounts still grow tax-free and allow tax-free withdrawals for qualified education expenses, but the list of such expenses has broadened considerably. Previously limited mainly to college costs, and up to $10,000 annually for K-12 tuition, the new…

The Ultimate Pre-Marriage Checklist

A friend recently told me her son is delaying his marriage. The couple discovered some disagreements about how they envisioned being married. It gave me the opening to share the short book The Hard Questions: 100 Essential Questions to Ask Before You Say “I Do” with my friend. I recommend it highly to anyone considering…

You and Your Young Adult Child — A Review

In You and Your Young Adult Child, Laurence Steinberg offers useful advice for parents of 20-somethings.

The LOVE Prescription — A Review

In The LOVE Prescription, John and Julie Schwartz Gottman offer a seven-day step-by-step manual to help those looking to improve their relationship.