As the year wraps up and everyone’s busy before New Year’s Eve, the IRS has one more reminder for those with retirement accounts: Required Minimum Distributions (RMDs). If you’re age 73 or older (or turning 73 this year), most tax-deferred retirement accounts — traditional IRAs, 401(k)s, 403(b)s, etc. — require you to take a minimum
The IRS has released early details for a brand-new tax-advantaged savings vehicle designed exclusively for children under age 18 with a valid Social Security number: the Trump Account. The program is similar in concept to a traditional IRA—except it is built specifically to help U.S. children accumulate long-term, market-based savings from birth through adulthood. While
There are many tax strategies that are overlooked levers for improving investment outcomes. Reviewing a client’s tax return isn't just a compliance exercise—it’s an opportunity to identify meaningful, actionable ways to reduce tax drag and improve long-term financial outcomes. When integrated with a thoughtful investment plan, tax planning becomes a powerful tool to grow and
In many couples, there is one spouse that might not be working at a w2 job or being self-employed. The "non working" spouse is usually managing the household ensuring it runs smoothly, which can be a 24/7 job especially if there are children. In many of these cases, the "non working" spouse is supporting cost-saving
If you are a business owner, it might be positive to employ your kids or other family members in the business. Especially, if you are already supporting these individuals at your higher tax rate, it might be quite beneficial to have an expense for the business and save on the taxes paid a lower rate
Brief History First let’s start with a brief history on the Roth IRAs and how paying taxes today might* avoid them at retirement time (distribution). The word might* in the previous sentence is because we never know if Roth IRA will be taxed in the future (i.e. Social Security benefits began to be taxed in
With the increase cost of living (inflation) and other factors, one in five Americans has no retirement savings and over half of them consider that they have not enough for retirement. Based on our experience, we consider that the vast majority of Americans is not ready for retirement as a) cost of healthcare and homecare
In the Tax Tip 2021-170 communication, the IRS announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. Traditional IRA income phase-out ranges for 2022 are: $68,000 to $78,000 - Single taxpayers covered by a workplace retirement plan $109,000 to $129,000 - Married couples filing jointly. This applies when the spouse making
On November 4, the IRS released notice 2021-61 which contains technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 . The IRS highlighted the following changes in their communication IR-2021-216: The contribution limit for employees who participate in 401(k), 403(b),
