Timothy P. McKee, CPA

07/17/2026

What is the Homestead Act?

Many states have enacted their own homestead laws.

07/16/2026

The charitable deduction allows you to deduct the value of property you give to charity from your estate and may reduce any federal gift and estate tax that may be owed. Charitable gifting allows you to satisfy your personal philanthropic desires and fulfill your estate planning objectives.

07/15/2026

Don’t miss having a new dependent’s Social Security Number by the due date of your tax return. You could miss out on the Child Tax Credit.

If the taxpayer files the return without the child’s SSN, the IRS says it will not allow the child as a dependent on that return; after receiving the SSN, the taxpayer may file an amended return to claim the child as a dependent, if the SSN was issued by April 15, 2026 or October 15, 2026 if the taxpayer has an extension.

KEY TAKEAWAY: Get an extension if the child’s SSN has not been received by 4/15.

The child tax credit is a per-child tax credit against your personal income tax liability.

07/14/2026

If you're an educator, consider paying attention to particular financial issues that may affect you.

07/13/2026

How can one estate planning decision today help protect generations of future wealth?

The federal Generation-Skipping Transfer (GST) Tax Exemption offers a powerful opportunity to transfer assets to future generations while minimizing transfer taxes on future growth and appreciation. But leveraging this exemption effectively requires careful planning.

Discover strategies that could help maximize long-term family wealth and why timing matters.

Click to read the article for more.

The federal government follows a complex transfer tax system. Transfer taxes come in three separate forms; gift tax, estate tax, and generation-skipping transfer (GST) tax. The purpose of the GST tax is to ensure a transfer tax is imposed at each generation's level. The GST tax acts as a supplementa...

07/10/2026

You earn tips at your job? Are tips tax-free compensation to you?

Read more below.

Taxpayers can claim a federal tax deduction of up to $25,000 for qualified tips earned for tax years 2025-2028.

07/09/2026

The first step in the financial planning process should be to calculate your net worth.

07/08/2026

Since the onset of broad global tariffs, the U.S. trade deficit has dropped significantly, due to a decline in the goods deficit and a growing surplus in services.

07/07/2026

A "Roth 401(k)" is simply a 401(k) plan that allows employees to designate all or part of their elective deferrals as qualified Roth 401(k) contributions. Qualified Roth 401(k) contributions are made on an after-tax basis, just like Roth IRA contributions. This means that there's no up-front tax ben...

07/06/2026

Is a fixed rate mortgage always the “safe” choice?

Most people default to fixed rates because they feel safer, but sometimes that safety blanket costs more than it protects. If your life plans aren’t set in stone, an ARM might actually fit how you move through the world.

Read more below.

Here are some things to consider when deciding between a fixed rate or adjustable mortgage.