Facebook Linkedin Twitter

Retirement

Congress gives a holiday gift in the form of favorable tax provisions

401K, AGI (Adjustable Gross Income), IRA, Required Minimum Distributions (RMDs), Retirement, Setting Every Community Up for Retirement Enhancement (SECURE) Act, Tax Credits, Tax Cuts and Job Acts (TCJA) /

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement […]

Congress gives a holiday gift in the form of favorable tax provisions Read More »

3 last-minute tips that may help trim your tax bill

Income Tax, Individual Income Tax, Retirement, Tax, Tax Deduction, Tax Planning, Tax Savings /

If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage

3 last-minute tips that may help trim your tax bill Read More »

Putting together the succession planning and retirement planning puzzle

Retirement, Small Business, Strategic Business Planning, Succession Plans /

Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some fundamental questions: When do

Putting together the succession planning and retirement planning puzzle Read More »

The key to retirement security is picking the right plan for your business

401 K, Income Tax, IRA, Retirement, Simplified Employee Pension (SEP), Small Business, Tax Planning, Tax Savings /

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made

The key to retirement security is picking the right plan for your business Read More »

Taking distributions from your traditional IRA

Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Required Minimum Distributions (RMDs), Retirement, Roth IRA, Simplified Employee Pension (SEP), Tax, Tax Planning, Tax Savings /

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family

Taking distributions from your traditional IRA Read More »

You may have to pay tax on Social Security benefits

AGI (Adjustable Gross Income), Capital Gains, Contributions, Federal Income Tax, Income Tax, Individual Income Tax, Investment Income Tax (NIIT), Retirement, Social Security, Tax, Tax Planning, Tax Savings /

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your

You may have to pay tax on Social Security benefits Read More »

2019 Q3 tax calendar: Key deadlines for businesses and other employers

2019 Tax Forms, Business Income Tax, C Corporation, Contributions, Federal Income Tax, Federal Taxes, Income Tax, Partnerships, Retirement, S Corporation, Tax Deadlines, Tax Planning /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July

2019 Q3 tax calendar: Key deadlines for businesses and other employers Read More »

Your succession plan may benefit from a separation of business and real estate

Gifts, Leasing, Limited Liability Company, Real Estate, Retirement, Small Business, Succession Plans /

Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that is, the building and the land it sits on. Under such circumstances, many business owners choose

Your succession plan may benefit from a separation of business and real estate Read More »

Thinking about moving to another state in retirement? Don’t forget about taxes

Estate Tax, Federal Taxes, Income Tax, Individual Income Tax, Personal Residence, Retirement, Sales Tax, State Tax, Tax, Tax Planning, Tax Savings, Vacation Rental /

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes. It

Thinking about moving to another state in retirement? Don’t forget about taxes Read More »