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Friday, September 1, 2017

If you are age 70 ½ or older and give to charities, there’s a way you can give to a qualified charity and cut your taxes by using a Qualified Charitable Distribution (QCD). A QCD allows you to give up to $100,000 a year,...

 

Tuesday, August 1, 2017

Many of us have heard about Health Savings Accounts (HSA), but are not sure how they work or what their role is in your financial picture. Opening a health savings account can offer a triple tax advantage. But to qualify, you must be...

 

Saturday, July 1, 2017

Health care will likely be your biggest expense in retirement and fortunately there’s still Medicare to help. It’s important to watch your enrollment timing. You’re eligible for Medicare at 65 and you’re...

 

Thursday, June 1, 2017

June, 2017 What is a Roth IRA? If you make a contribution to a traditional IRA, you might get a tax deduction, depending on your income and whether you are covered by a retirement plan at work. If you can’t get a deduction, then...

 

Monday, May 1, 2017

Tax Loss Harvesting When investing your money, there will be times when you will have positions with a loss – it’s inevitable. The good news? There is a powerful tax strategy that you can use called loss harvesting. This...

 

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Saturday, April 1, 2017

What do you think is the number one concern that most people have in retirement? If you guessed running out of money, congratulations, you get a gold star! American retirees face a large decline in living standards during their final...

 

Wednesday, February 1, 2017

With Donald Trump now the 45th President and the Republicans controlling the House and Senate, many tax professionals feel we are likely to see a number of tax changes in the year ahead if his campaign plans and promises hold....

 

Wednesday, November 30, 2016

One of the toughest decisions you'll make when retiring is deciding how much to withdraw annually from your retirement accounts, like your IRA and 401k plans. If you take too much out, you could spend your later retirement years...

 

Wednesday, August 24, 2016

A question that comes up often, is what are the tax consequences when I sell my home? Some of you have large gains on your home and would like to know how the tax is handled on the gain. There is good news on this; a single taxpayer...

 

Thursday, May 19, 2016

If you try to withdraw money from your Individual Retirement Arrangement (IRA) before you reach age 59 ½, you might have to pay an early 10% withdrawal penalty. That’s just the way the rules are written. There are however...

 

Wednesday, April 27, 2016

Most people are familiar with mutual funds to a degree. Basically, a mutual fund is a portfolio of securities professionally managed by a portfolio manager or managers. Here is what most people don’t know: there is a commonly...

 

Wednesday, April 27, 2016

In today’s blog we are in the area of retirement planning, and we’re going to go through some of the advantages of having a Roth IRA as part of your retirement plan and how it can benefit you. First, just a quick...

 

Wednesday, April 13, 2016

Most people are aware that college costs are very expensive. In fact, it has gotten too high for many parents. This has caused more and more grandparents to step up to the plate and help - by using a 529 college savings plan for their...

 

Wednesday, April 13, 2016

Can Individual Retirement Arrangements/Accounts (IRAs) be used to benefit a charity? IRAs can be a great source of funds for your favorite charity, as long as you are careful to avoid some traps in order to transfer the most money to...

 

Wednesday, February 24, 2016

Retirement planning is a tricky area because it involves taxes, penalties and tons of rules, so you need to be very careful. Today I am going to cover some of the most dangerous mistakes we want to help you avoid in retirement...

 

Saturday, January 9, 2016

When a person owns an individual retirement account, you get to name beneficiaries on the IRA. If you’re married, usually your spouse is the named primary beneficiary. What are your options if your spouse passes away with an IRA?...

 

Friday, December 11, 2015

Putting together a proper estate plan can be challenging. There are many different estate planning documents that we can use. Today we’ll look at two estate planning documents that can be part of your estate plan: the Living Will and...

 

Friday, December 11, 2015

When it comes to giving away property for tax deductions, it’s important to take advantage of what the tax code allows. Today I’m going to go over a couple things to be aware of when donating money or assets for a tax deduction. First...

 

Friday, December 11, 2015

For a lot of people out there, the biggest asset they have may be their IRA or retirement plan. You may have spent 30 or more years building up your IRA, but it only takes 30 seconds for a mistake to blow it up with taxes! Today I’m...

 

Monday, November 2, 2015

In the past we’ve talked about the new Once-Per-Year-Rollover-Rule for IRAs. This rule now limits us to one indirect rollover every 12 months no matter how many IRAs you have. If you violate this rule, the IRA in violation may be...

 

Wednesday, October 14, 2015

When a couple decides to live together without getting married it’s a big decision. There are some things they should be aware of. For example, they are not eligible for many of the same government, employer, and tax code benefits...

 

Wednesday, October 14, 2015

Social Security continues to be a hot topic in which we get a lot of questions. So every once in a while we like to post some of these questions on our blog for you to read and stay informed. Today’s questions are about spousal and...

 

Friday, September 11, 2015

Don’t you appreciate it when there’s danger ahead and someone warns you? Well we’re going to sound the alarm on indirect, or 60 day, rollovers and the new rule that went into effect at the beginning of this year. The gist of the rule...

 

Wednesday, September 2, 2015

It’s common for people to spend decades working in their respective careers or occupations. If that describes you, ideally you spent all those years working, saving, and storing up money to properly fund your retirement years. Once...

 

Wednesday, September 2, 2015

Nobody likes unpleasant surprises, and we’re going to help you avoid one today by discussing some differences between company retirement plans and IRAs. When saving for your retirement, the two primary places where people save their...

 

Wednesday, September 2, 2015

You may have heard news reports about the large retirement boom that is happening all over America. Trillions in retirement plans are in motion and a baby boomer retires every 8 seconds for the next several years. It’s pretty dramatic...

 

Monday, August 10, 2015

Retirement planning at times can be tough to meet your goals. For married women who are not employed there are certain challenges they face. We’re going to look at how this can affect their retirement planning and some basic things...

 

Thursday, July 30, 2015

Have you ever had times in your life in which you wish you could get a do-over? We could spend a lot of time on that topic alone! Seriously, there is one thing that you CAN get a do-over on, and that is on a Roth IRA conversion! What...

 

Friday, July 17, 2015

Can you really do some proactive things to reduce tax on your Social Security? You really can and we’re going to look at one very powerful example. Keep in mind that as with most tax planning strategies, this will not work for...

 

Tuesday, June 16, 2015

Did you know that 2015 is the 50th anniversary of Medicare? That’s right for 50 years, Medicare has been chugging along affecting the lives of Americans (good or bad) by providing health care to our aging population. What is...

 

Tuesday, June 16, 2015

When it comes to retirement plans, people sometimes would like to access their money before they retire. But if taken too early, or in the wrong way, taxes as well as a 10% early withdrawal penalty can occur. You know the old saying...

 

Tuesday, June 16, 2015

Many people out there have a 401k plan at work. These plans have lots of good features like a company match, and investment choices. Some, but not all plans, may allow you to take a loan against your 401k balance. In today’s blog we...

 

Tuesday, June 2, 2015

Whether you are retired or still working, Medicare will likely be in your future when you turn age 65. We are going to look at some things you need to know about Medicare or you may face permanent, hefty penalties, and this is no joke...

 

Friday, May 15, 2015

If you’re in a retirement plan (like a 401k) that lets you invest in your company’s stock, you should be aware of something called net unrealized appreciation or NUA, a simple tax reduction strategy with a complicated name....

 

Friday, May 15, 2015

Social Security is a very important topic to us and I’m sure to you as well. In today’s blog, we are going to cover some commonly asked questions people have about Social Security and these are probably questions that you...

 

Friday, May 15, 2015

Woody Allen once said, “I’m not afraid of death, I just don’t want to be there when it happens!” Estate planning is not an easy topic since it involves planning for your death. Even though it is a sensitive...

 

Friday, May 1, 2015

Mike's Blog If you own a small business and you aren’t using a retirement savings plan for yourself or your employees, what are you waiting for? A retirement plan can help you and your employees save for the future. One of the...

 

Friday, April 24, 2015

There’s a relatively new tax that started January 1, 2013 – the Health Care Surtax which is 3.8%.This relatively new tax hits people with higher incomes over $200,000 and it affects income from your investments. This tax...

 

Thursday, April 23, 2015

Most people have heard of Individual Retirement Accounts or IRAs, but have you heard of the Inherited IRA, sometimes called the “Stretch IRA”? We’re going to examine this mysterious IRA in today’s blog! To...

 

Tuesday, April 14, 2015

Knowledgeable investors are aware that investing in the market presents a number of risks. There’s interest rate risk, company risk, market risk, and even purchasing power risk. Risk is just part of investing. Some types of...

 

Monday, April 13, 2015

Taxes are the largest drag on investment returns - greater than inflation, transaction costs, or management fees. Studies have shown that taxes can reduce returns by as much as 1 to 3 percentage points. Recent tax increases...

 

Tuesday, March 31, 2015

Health Savings Accounts (HSAs) allow people who have high-deductible health plans to save and pay for health-care expenses tax free. HSAs can be established by any qualified person covered by a high deductible health plan...

 

Monday, March 23, 2015

The IRS released their top tax scams for 2015. These Illegal scams cause serious financial penalties and interest for you the taxpayer, and potentially jail time! Always remember that you the taxpayer are legally...

 

Wednesday, March 11, 2015

As a homeowner, you should be aware of the tax consequences of selling your home. Knowing the rules can help you minimize any negative tax consequences. When we think of gains and losses we think of investments like stocks...

 

Thursday, March 5, 2015

With April 15th less than a month away, it seems like taxes are on everyone’s mind right now. It’s also at this time of year when people get really motivated to reduce their taxes. Do you need some motivation? Look at line...

 

Monday, March 2, 2015

Introduction If your stocks, bonds, or other capital investments have large gains, there are some steps youcan take to minimize taxes. I'm going to touch on timing of the sale, using capital losses effectively, passing...

 

Wednesday, February 25, 2015

Welcome to the Land of ConfusionOne of the most confusing subjects for most investors to understand is the difference between Traditional IRA’s and Roth IRA’s and which is most suitable. Both are IRAs, but each is very...

 

Tuesday, February 17, 2015

What happens if my spouse dies? Social Security is not just for retirement income but also includes benefits to survivors. For example, you may be eligible for benefits if your wage-earner spouse died and you have young...

 

Friday, February 13, 2015

We occasionally get calls from people as well as reporters about how to fix a missed RMD. RMD stands for required minimum distribution. This is the time of year when Required Minimum Distributions (RMDs) from IRAs are fresh...

 

Wednesday, February 4, 2015

When people divorce, their assets are usually split, including their retirement accounts. If mistakes are made during this process and taxes and penalties are involved, things get even more complicated. So let’s see how...

 

Thursday, January 15, 2015

At the beginning of each new year, after we get past the holidays, the tax season starts. This inevitably leads to questions about IRAs, limits, deadlines and other important info. You may be facing these questions now, so...

 

Thursday, January 8, 2015

Every year, a report is provided to Congress on the state of the program. This report, contains valuable information about the health of Social Security and how your benefits may be affected. Social Security is made up of...

 

Thursday, December 18, 2014

The end of the year is fast approaching and now is the perfect time to review our checklist of items you might want to consider as you get set to enter 2015. And remember, when it comes to tax matters, it’s always a good idea to...