Investors older than age 70 1/2 who are taking required minimum distributions from their traditional IRAs can steer a portion of their distributions--up to $100,000--directly to the qualified charity of their choice, thereby satisfying the required minimum distribution (RMD) requirements.…
Read More It’s Giving Season – The Advantages of a Qualified Charitable Distribution
The Internal Revenue Service (IRS) announced 2020 contribution limits for retirement plans and other related items. The most noteworthy highlights of limitations that changed from 2019 to 2020 include the following: The contribution limit for employees who participate in 401(k),…
Are you on the right financial path? When will you be able to retire and what financial adjustments would be advisable for you to reach your goals? Our comprehensive financial plan reviews multiple aspects of your current finances and your…
Things taxpayers should know about claiming dependents While preparing their 2018 tax returns, taxpayers should remember that personal exemptions are suspended for 2018. Taxpayers can’t claim a personal exemption for anyone on their tax return. This means that an exemption…
Read More Tax Reform Brought Significant Changes to Claiming Dependents
There's less than a month to the April 15th tax deadline and the changes in the 2017 Tax Cuts and Jobs Act (TCJA) affect almost everyone who itemized deductions on tax returns they filed in previous years. One of these…
Read More Tax Reform Brought Significant Changes to Itemized Deductions
Using Retirement Assets for Estate Planning - Naming a beneficiary on your retirement accounts can help defer taxes over your heir’s lifetime. A tax deferred is a tax not paid – Phil DeMuth The “stretch” provision for IRAs and Inherited…
Stocks recouped their earlier week losses to end flat despite weak economic numbers from China and a warning from Intel that demand was slowing. A deal from President Trump to temporarily end the U.S. government shutdown helped boost stocks on…
Read More How to Make Smarter Decisions About Money 01.25.19
The child tax credit after tax reform Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers…
Read More How to Make Smarter Decisions About Money 11.30.18
Tax reform affects if and how taxpayers itemize their deductions Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In…
Read More How to Make Smarter Decisions About Money 11.16.18
How to mitigate penalties from a missed Required Minimum Distribution (RMD)
