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 […]
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 […]
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 […]
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 […]
Maxing out your retirement account contributions can be a smart financial move not only to help reduce your tax bill, but also to work towards the goal of 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 […]
Chances are you have heard about the 3.8% surtax that went into effect in 2013 under the Affordable Care Act—but do you know if and when you might need to pay it? While there have been significant changes to the tax code over the past year, the Medicare tax and net investment income tax remain […]
Social Security planning often focuses on filing strategies to help determine when and how to take your benefits. But before you make any decisions, you should also consider the tax implications your Social Security benefits will have on your overall retirement plan. If you have additional sources of income in retirement, there is a chance […]
Leaving a Legacy: Life Insurance vs. Roth IRAs When considering the best way to leave your loved ones an inheritance, it’s important to be aware of the options available to you. While life insurance is a well-known option, Roth IRAs can be effective as well. Both can provide a tax-free legacy, but you should know […]
As a retirement account owner, you’ve probably been warned about the 10% early distribution penalty that applies to taxable distributions made before age 59½. But did you know that if for some reason you need to access your money early, there are exceptions to this rule? Expenses such as medical bills, buying your first home, […]