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Industry Insights Index

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August 20, 2019
Avoiding the 10% Tax Penalty

Have you paid medical expenses this year worth more than 10% of your adjusted gross income? Do you plan on buying your first home soon? Are you currently paying for higher education expenses? If you said yes to any of these scenarios, and you’re younger than age 59½, you may qualify to withdraw from your […]

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July 30, 2019
Life, Liberty & Tax-Advantaged Opportunities

Americans are passionate about taxes. We have reason to be. In recent years, Americans have spent more on taxes than on food, clothing, and housing combined.1 The Tax Foundation estimates Americans will pay $3.4 trillion to the federal government and $1.8 trillion to state and local governments in 2019.2 If you believe you’re paying too […]

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July 19, 2019
Planning for HSA Distributions

Last month we shared the triple tax benefits of Health Savings Accounts (HSA) to help save for future healthcare costs. But how do you access the funds for out-of-pocket medical expenses once you’ve started saving? Like all qualified savings plans, you need to play by the IRS rules to enjoy the tax benefits and avoid […]

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June 19, 2019
Calculating an IRD Deduction

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 […]

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May 29, 2019
Where There's a Will, There's a Plan

Throughout history people have made inheritance choices that are inexplicable to others. In 1926, Harry Houdini left his magical equipment to his brother, his pulled-from-the-hat rabbits to the children of friends, and a series of random words to his wife. The words were a code that would let her know when he was in touch […]

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May 21, 2019
Contributing to an HSA - 2019

The increasing costs of healthcare is one of the top concerns among Americans today. One option to consider to help pay for these costs is to take advantage of tax-advantaged savings specifically for health expenses through a Health Savings Account (HSA). HSAs offer three different tax advantages: 1) Contributions are deductible 2) Earnings are tax-deferred […]

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May 14, 2019
Avoiding Non-Spouse Beneficiary Mistakes

As the beneficiary of an inherited IRA, you might be aware of some rules that come with these retirement accounts. However, are you also aware that the rules vary depending on whether you are a spouse, a nonspouse or a trust beneficiary? From required distributions to even the titling of the account, understanding the differences […]

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April 23, 2019
Fixing Rollover Mistakes with Self-Certification

If you recently withdrew money from your retirement account with plans to execute a 60-day rollover but missed your deadline, you may be worried about the consequences. We get it.  Life happens, and fortunately, the IRS understands this too! If you missed the 60-day deadline for completing an IRA rollover due to an error or […]

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April 16, 2019
Using IRAs to Help Children

Looking for a way to secure a financially stable future for your child? An IRA may be the solution! There is no minimum age for having an IRA and, as long as your child has earned income, you can open an account in their name.  Your child can contribute to their IRA with their own […]

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