Tag: Tax Planning

Why A Roth IRA Conversion May Now Be Advantageous

Sep 18, 2020

Thanks to a couple of factors, some investors are thinking about this move before 2020 ends.

Roth IRA Conversion decisions have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed. (more…)

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Tax & Estate Strategies Update for Married LGBTQ Couples

Sep 16, 2020

Estate Planning Chalkboard
In this age of marriage equality, there are new possibilities

The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or thinking about updating estate strategies, here are some important things to remember. (more…)

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Get Your FAFSA Ready

Sep 4, 2020

FAFSA
The application for federal student loans opens on October 1

Mark this date on your calendar: October 1. That is the day when current and future traditional college students can start submitting the Free Application for Federal Student Aid (FAFSA) for the 2021-22 school year. For many students, the FAFSA is frequently the gateway to significant financial aid: federal and state student loans, grants, university scholarships, and work-study programs.1 (more…)

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Taxable Events in Retirement Accounts

Aug 31, 2020

Urgent Tax Liability Notice
What triggers a tax liability for an individual or a trust?

When you distribute, sell, or receive assets from a retirement account, taxes usually follow. It is true for individuals; it is true for trusts. These decisions represent taxable events. (more…)

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Retirement Plan Options for Small Businesses

Jun 17, 2020

Retirement Plans Notebook on Desk
The SECURE Act and CARES Act may complicate the decision.

As a small-business owner, figuring out retirement choices can be a little intimidating. How do you pick the most appropriate retirement plan for your business as well as your employees? (more…)

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The Gift Tax

May 25, 2020

Gift Tax Table with Calculator
Not all gifts are taxable

I’d like for you to meet my friend, Hugh. He’s a retired film stuntman who, after a long career, is enjoying his retirement. Some of what he’s enjoying about his retirement is sharing part of his accumulated wealth with his family, specifically his wife and two sons. Like many Americans, Hugh likes to make sure that, when he’s sharing that wealth, he isn’t giving the I.R.S. any overtime because he knows about the gift tax. (more…)

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Backdoor Roth IRA

May 20, 2020

Padlock open on backdoor fence
If you make too much money to open a Roth IRA, you could create one this way

You can sum up the appeal of a Roth IRA in three words: federal tax benefit. Potential earnings in a backdoor Roth IRA grow tax free as long as the owner abides by the Internal Revenue Service (I.R.S.) rules, and withdrawals are federally tax free once you reach age 59½ and have held the Roth IRA for at least five years.1  (more…)

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Tax-Loss Harvesting

May 13, 2020

tax-loss harvesting
A useful move to counteract capital gains

Even though this may end up being a subpar year for stocks, you may realize capital gains, which is a taxable event. What can you do about them? You can do what some investors do – you could recognize investments with a loss and practice “tax-loss harvesting.” (more…)

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Details on the Tax Deadline Extension

May 6, 2020

Stopwatch Deadline Clock Countdown
The I.R.S. is giving you three additional months to file and pay

The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1 (more…)

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Business Continuity Plans

Apr 6, 2020

Business Continuity Plan Pencil Notebool
Prepare now to better protect your business in the future

As a business owner, you’ve worked hard for your success. The long hours, the difficult decisions, and the sacrifices you have made have led to where you are today. The last thing you want is to suffer a disruption to your business. However, in the event that you do experience an unavoidable mishap­, it may be smart to have a Business Continuity Plan (BCP) in place. (more…)

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More Insights

Sep 30, 2020

Most recently, you may have read that Federal Reserve Chair Jerome Powell announced a change in how the Fed views inflation. In the past, the Fed said it would consider adjusting bond market short-term rates when inflation approached 2 percent. But in light of 2020’s many challenges, the Fed’s new policy may allow inflation to … Continue reading “The Bond Market Listens When the Fed Talks Inflation”

Sep 28, 2020

A U.S. drug company recently said that it’s in late-stage trials for its coronavirus vaccine and reported that it could be given to Americans as early as the end of the year.1

Sep 25, 2020

To some, this may hardly feel like an economy headed for a bright future. But don’t tell that to home builders. Builder confidence in August jumped to an eye-popping 78 in August, according to the Housing Market Index courtesy of the National Association of Home Builders. To put that number in perspective, anything over 50 … Continue reading “Home Builders Confident in Economic Rebound”

Sep 23, 2020

When it comes to retirement, some women face obstacles that can make saving for retirement a challenge. Women typically earn less than their male counterparts and often take time out of the workforce to care for children or other family members. Added to the fact that women typically live longer than men, retirement money for … Continue reading “Women Facing and Conquering Retirement Challenges”

Sep 21, 2020

Football is back, which means Summer is coming to a close, days will get shorter, and sweaters will soon be in play. This year, there was no pre-season, so professional football started in September, which coincidentally, is a perennial month for stock market volatility.1

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