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 […]
One of the greatest advantages of retirement savings accounts are the opportunities for tax-deferred or tax-free growth; however, the government sets a time limit on how long these benefits can last by way of establishing required minimum distributions (RMDs). An RMD is the minimum amount that must be taken out of your retirement accounts each […]
If you hold both pre-tax and after-tax money in your IRA, you’ve likely heard of the pro-rata rule. It’s important to understand how this rule is calculated and how it can impact your retirement funds. In simple terms, the pro-rata rule is used to determine how much of a distribution is taxable when you have […]
There may come a point in your life where you will need to select a loved one to make significant financial decisions on your behalf. This process is by no means easy, but in the event that you are unwilling or unable to manage your own finances, having someone assigned as a power of attorney […]
Are you considering donating your retirement assets to a charity? Naming a non-profit organization as an IRA beneficiary may be something you’ve yet to consider, but doing so can benefit both you and your charity, as neither of you will pay income tax on the account. However, using a retirement account for charitable gifting can […]
At our recent Fall Seminar, we shared information with you regarding cyber security and protecting yourself against cyber threats. Here are links to the handouts we shared at that event that you can download for reference. --Ransomware Tips --Secure Your Password --Red Flags--Phishing! --Tips for Using WiFi Safely If you have any questions, please call […]