by Admin | Aug 15, 2023 | Retirement, Tax Planning
In 2019 Congress passed legislation named the Setting Every Community Up for Retirement Enhancement Act – shortened to the SECURE Act – that included a number of retirement plan changes and enhancements. In late December, 2022, the SECURE 2.0 Act was passed and signed...
by Admin | Jul 19, 2023 | Retirement
On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have to take their first required minimum distribution (RMD) by April 1, 2025, rather than April 1, 2024....
by Admin | Apr 11, 2023 | Retirement, Tax Planning
Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by...
by Admin | Jan 24, 2023 | Individual Taxes, Retirement, Tax Planning
When you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement finances, you may do so in several ways, including investing in the stock market, buying real estate for income and appreciation,...
by Admin | Jan 11, 2023 | Retirement
The President, on December 29, 2022, signed the Consolidated Appropriations Act, 2023, which is the “omnibus spending bill” Congress needed to pass to avoid a government shutdown. That legislation also included the Setting Every Community Up for Retirement...
by Admin | Dec 1, 2022 | Retirement, Tax Planning
No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early. While this may seem like an easy way to get cash quick, early...
