The CARES Act says you don’t have to take an RMD this year. Should you?
Taxes
2020 Presidential Election: Biden’s Tax Proposal
I look at the Biden tax proposal and what that may mean for your taxes. Is there something you can do to prepare?
The CARES Act: How Will It Affect Individuals and Families?
The CARES Act has provisions that may affect you and your family. In this article, we outline the recent stimulus-related bills and their implications.
How Will Proposed Tax Reform Affect Me?
The US House and Senate are considering extensive income tax reform. The table below outlines current law and the bills for each chamber as they were at the close of business on Monday, December 4, and provides indications of the bill that has emerged as the “final deal” on Wednesday, December 13. While this “final[Learn more…]
The new year is in full swing. Know your limits and get ready to file!
A brief tax guide and update for 2019 As you might have heard in the news recently, the Tax Cuts and Jobs Act (TCJA) was passed at the end of 2017 and many taxpayers are now filing their first return under the new tax regime. The TCJA was enacted with four goals: tax relief for[Learn more…]
Year-end Tax Planning: Should You Do a Roth Conversion?
Many advisors tout the benefits of a “tax-free income” in retirement for those individuals with a Roth IRA. More important than tax-free income in retirement is the goal of reducing your lifetime tax burden by shifting income from one year to another through a Roth conversion. With the December 31st deadline for 2017 Roth conversions[Learn more…]
Flexible Spending Accounts: A Useful Employee Benefit That Can Reduce Your Taxes
In my last newsletter article, I looked at how to save for medical expenses using a health savings account (HSA). In this companion article, I’ll focus on another type of savings account called a flexible spending account. These plans are designed to help employees save for certain qualified expenses using pre-tax dollars. Although you may[Learn more…]