Timothy P. McKee, CPA, PFS

01/16/2026

11/20/2025

A residuary clause is the part of your will that distributes the “residue” of your estate. This residue includes any assets left after specific bequests, debts, taxes and administrative costs have been paid. It might include forgotten bank accounts, newly acquired property or investments you didn’t specifically name in your will. Failing to include a residuary clause can create problems. When assets aren’t covered by specific instructions in a will, they’re considered “intestate property.” This means those assets will be distributed according to state intestacy laws rather than your personal wishes. Contact us at (440) 505-5699 for more details.

11/11/2025

Can you convert unused paid time off (PTO) into retirement contributions?

Possibly.

This creative solution helps support workers’ financial wellness while potentially easing staffing shortages and increasing retirement plan participation is a PTO contribution arrangement. It allows employees with unused vacation hours to convert them to contributions to their retirement accounts.

Many workers value growing their savings over amassing PTO. Just bear in mind that you’ll face challenges such as amending your plan document, overseeing compliance and clearly communicating with participants.

Contact us at (440) 505-5699 for help determining whether a PTO contribution arrangement is right for your organization.

11/10/2025

Thinking about a hardship withdrawal from your 401(k)? Don’t.

401(k) plans help you save for retirement. But they may offer an option to take hardship withdrawals for medical bills, tuition or funeral costs (among other eligible expenses). Unlike loans, hardship withdrawals don’t have to be repaid. However, a withdrawal comes with a hefty price tag: you'll need to pay income tax and possibly a 10% early withdrawal penalty. This, in my opinion, is a last resort.

Contact us at (440) 505-5699 for details.

11/06/2025

Without a power of attorney (POA), if you become incapacitated, your loved ones won’t be able to manage your finances without going through the lengthy and expensive process of petitioning the court for guardianship or conservatorship. Executing a financial POA, also known as a POA for property, protects your family from having to go through this process and helps ensure that financial decisions and tasks won’t fall through the cracks. A POA appoints a trusted representative (often called an “agent”) to make financial decisions on your behalf. It authorizes your agent to manage your investments, pay your bills, file tax returns and otherwise handle your finances, within the limits you set. Contact us at (440) 505-5699 for more information.

11/05/2025

The One Big Beautiful Bill Act (OBBBA) brings major tax savings and planning opportunities for many businesses. Here are four highlights: 1) 100% first-year bonus depreciation for qualified new and used assets and production property, 2) an enhanced research and experimentation deduction, 3) expanded gain exclusions for qualified small business stock. 4) permanent 20% qualified business income deduction for pass-through businesses and sole proprietorships. Contact us at (440) 505-5699 to review your tax strategies and lock in benefits under the OBBBA.

11/04/2025

Employers: Health care costs are expected to rise substantially next year. If your organization sponsors a health insurance plan, you can’t control every factor driving the increases. But you can take proactive steps to manage expenses while preserving quality of care. Rather than shifting cost increases to employees, consider broader actions to improve efficiency and reduce waste. For example, you might explore nontraditional plan designs, evaluate vendor performance, shop around for more competitive bids and audit medical claims. Contact us at (440) 505-5699 for help analyzing the cost efficiency of your health insurance plan and identifying strategies to optimize spending.

11/03/2025

It’s time to take control of your tax bill! As the year winds down, smart businesses ramp up tax planning. The 4th quarter is your chance to make moves to lower your 2025 tax bill. For example, buy qualifying equipment and put it into service before year-end to take advantage of depreciation deductions, which due to recent tax law changes are now even better. Accelerate or defer income depending on your projected tax bracket for this year and next. These are only a couple of the strategic steps you can take. Contact us at (440) 505-5699 to schedule a year-end tax planning session.

10/30/2025

As year-end approaches, you may be planning to make charitable donations. To be eligible to claim charitable deductions, you must substantiate your gifts with specific documentation. If you make a cash donation, you can substantiate it with a bank statement, electronic fund transfer receipt, canceled check or credit card statement showing the charity’s name, the contribution date and the amount. You can also substantiate donations with a letter or email from the charity that includes this information. Cash donations of $250 or more require a contemporaneous written acknowledgement from the charity with certain additional information. Contact us at (440) 505-5699 for more details.

10/29/2025

Businesses involved in some clean energy projects and products are hurt by the One Big Beautiful Bill Act. That’s because it accelerates the phaseout of certain tax credits and adds new restrictions to tax breaks related to solar, wind, and hydrogen power and electric vehicle charging stations. The dates that clean energy tax breaks end vary. Some may be available until 2026 or 2027. Contact us at (440) 505-5699 if you have questions about your situation. The date that projects begin construction is critical.