Maxing out your retirement account contributions can be a smart financial move not only to help reduce your tax bill, but also to ensure you’re setting aside enough money for the future. But do you know how much you’re allowed to contribute? Contribution limits can vary greatly depending on the type of retirement account(s) you […]
Have you recently inherited a loved one’s retirement assets? You should know that there is an income tax deduction available to you called the income in respect of a decedent, or IRD, deduction. When certain inherited assets are hit with both federal estate and income tax, this deduction can help offset the impact. Your IRD […]
Preparing for retirement can be overwhelming, and between tax, estate, insurance, and investment planning, some important aspects of your financial plan can be easily overlooked if you’re not working with a competent professional. A qualified financial advisor can help you ensure that all items are being considered, but not all advisors are created equal. So […]
Your Required Beginning Date You’ve likely already heard about required minimum distributions (RMDs), but do you know what your required beginning date (RBD) is? Your RBD is the date by which you must begin to take RMDs from your retirement account if you have an IRA or employer plan. It is important to note that […]
Two Ideas Worth Thinking About When Markets are Moving Here’s a number most people would like to see on an annual statement: 21.6 percent. That was the annual return for the Standard & Poor (S&P) 500 Index during 2017. In general, U.S. stock indices did quite well last year – and the year before, too. […]
With a change in seasons comes a fresh start, which means now may be a good time for you to consider whether or not you’re working with the right tax professional. With the April 17 tax filing deadline looming, you may have already started reviewing your financial documents for your 2017 return. But do you […]
New jobs often come with a lot of excitement and steep learning curves. Consider this example scenario: Charlotte, a freshly-hired employee is a little bit overwhelmed. She’s meeting new co-workers, setting expectations, figuring out the coffee situation, and completing form after form. Charlotte’s new employer has a retirement savings plan, and this fact jogs her […]
Estate Planning: While it may seem unlikely, there are situations where beneficiaries decide to turn down an inheritance. Whether it’s to avoid the taxes associated with the assets, or to pass them along to another beneficiary, a disclaimer can help a beneficiary with the option to refuse an inheritance. Executing a disclaimer, however, is not […]
If you’ve started taking distributions from your retirement account, you will soon receive a new form that will play a crucial role as you file your 2017 taxes. A 1099-R form is issued for all IRA distributions that are made payable to an IRA or Roth IRA account owner or beneficiary and for all IRA […]