When considering your retirement, specifically as it relates to a [...]
If you have been contributing to a traditional IRA, income tax is due on that money when you take withdrawals in retirement. Annual withdrawals from traditional retirement accounts are required after age 72 (NOTE: RMDs are suspended as part of the COVID-19 CARE ACT for 2020), and the penalty for skipping a Required Minimum Distribution (RMD) is 50% of the amount that should have been withdrawn. However, if you are in the fortunate position of not needing your annual distribution for living expenses and are charitably inclined, you can avoid income tax on your required withdrawal by donating your money directly to a qualifying charity.
On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is aimed at providing financial relief for the economic downturn caused by the Coronavirus pandemic. This commentary covers some of the more pertinent issues to small businesses and individuals.
With the changes to the tax code over the last couple of years, it is probably a good idea to do a little research before filing your tax return this year. What may have been deductible last year, may not be this year and vice versa. You can be missing out on a deduction or credit that was not available in prior years or may have thought you could take a deduction that is no longer permissible.
Don’t ignore these 2018 tax bill game-changers! This year marks [...]
For the first time since 1986, our tax system has [...]
It is a good idea to start educating your children [...]
Free exhibition to feature remodeling contractors and home service providers [...]