by Admin | Jun 16, 2022 | Individual Taxes, Retirement, Tax Planning
When Congress enacts tax laws, many times whether the law applies is based on the age of the taxpayer or a taxpayer’s dependent. Reaching a certain age sometimes provides a tax benefit, while in other cases there’s a tax “penalty” – meaning that a specific type of...
by Admin | Jun 7, 2022 | Individual Taxes, Retirement, Tax Planning
Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do these popular...
by Admin | Apr 26, 2022 | Individual Taxes, Retirement, Tax Planning
The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022, the highest since February of 1982, hitting those on fixed retirement income, namely seniors, the hardest.On top of escalating living expenses due to inflation, some retirees are faced with...
by Admin | Mar 31, 2022 | Individual Taxes, Retirement, Tax Planning
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for...
by Admin | Mar 17, 2022 | Individual Taxes, Retirement
Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are considering. But withdrawing money from a traditional IRA or qualified retirement account before you reach age 59½ may...
by Admin | Oct 8, 2021 | Individual Taxes, Retirement
Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress passed the SECURE Act in late 2019 which made significant changes to the retirement plan provisions of the tax code, one of which was...
