Update on retirement account required minimum distributions

Tuesday, May 21, 2024
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If...... Read More

5 Potential Tax Implications of Moving Your Parent into a Nursing Home

Tuesday, October 17, 2023
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be...... Read More

Retirement account catch-up contributions can add up

Tuesday, October 10, 2023
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the...... Read More

IRS issues guidance on new retirement catch-up contribution rules

Friday, September 29, 2023
In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called...... Read More

Social Security’s future: The problem and the proposals

Monday, July 17, 2023
Recent studies have rekindled fears about the Social Security program's approaching insolvency in the absence of congressional action. Because the alternatives for preventing insolvency will undoubtedly result in suffering for...... Read More

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Tuesday, April 18, 2023
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when...... Read More

There still may be time to make an IRA contribution for last year

Tuesday, March 21, 2023
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re...... Read More

How the new SECURE 2.0 law may affect your business

Monday, March 06, 2023
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement...... Read More

You can save more for retirement in 2023

Monday, February 13, 2023
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to...... Read More

FAQs about Taking withdrawals from IRAs

Tuesday, January 24, 2023
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA)...... Read More