Paying the penalty may be worth it if the end result increases your assets. A case of a couple saving for retirement shows that a penalty is a small price to pay in building a bigger nest egg. Whether it’s sports, taxes or life, we’re programmed to avoid penalties, and usually that’s a good move. …
As a generation, baby boomers are starting to wonder how we can leave our mark upon the world. What, besides material possessions, can we hand down to the next generation? How do we capture and define the wisdom and values that we’ve cultivated over decades of experience? How do we pass these precious assets down …
SECURE Act of 2019 TOPIC NEW RULE COMMENTS $5,000 tax credit for small businesses starting retirement plans Increases the tax credit available for small business retirement plan start-up costs up to $5,000 for up to three years. Plus a new $500 tax credit for startup costs for plans that begin implementing automatic enrollment. Increasing the …
While the national focus has been on uncertainty around the new tax law, there are many individual tax-planning opportunities you should consider before year-end to ensure you are getting the best deal while staying compliant. Although the Tax Cuts and Jobs Act of 2017 captured national attention, there are still plenty of tax-planning opportunities you …
9 Reasons You Should Consult With Your CPA Before Year-End Read More »
If you have minor children at home, Social Security benefits may be available to them. Know these rules and get maximum benefits for your family. It is not so unusual today for a person eligible for Social Security retirement benefits to have young children. Once the parent files for benefits, a minor child may also …
With more people learning about file-and-suspend and claim-now-claim-more-later strategies, mistakes are being made – like trying to do certain things before full retirement age. Also, the Budget Act of 2015 changed some of the rules about who can do what and when. File-and-suspend One now-closed strategy is file-and-suspend, where the higher-earning spouse files for Social …
Creative Social Security Claiming Strategies: Understanding the Nuances Read More »
Social Security is more complicated than most people think. Here are six of the most common questions that come up on Social Security. With the baby boom generation entering retirement, there’s a lot of demand for good Social Security information. People are confused—both about how the system works, and how these inner workings affect their …
If you got hit by a bus tomorrow, would your loved ones know how to access your important records? Would they know which accounts you hold and where your money is? What about insurance policies? Real estate ownership papers? You may have your records organized in a way that works for you, but imagine what …
The Tax Cuts and Jobs Act has made 529 plans more flexible, such that parents can access these funds for younger students and to benefit their children who are disabled. Over the past 30 years, the average price of a public four-year institution of higher education has increased by 213%, while the average price for …
Tax Act Helps College Savers and Disabled Children Read More »
Discover what it means to be wealthy or successful. If you’re like most, it takes a few hard knocks to understand what life truly has to offer. Several years ago at the Berkshire Hathaway annual shareholders meeting in Omaha, Neb., a precocious 10-year-old investor stood bravely in front of a microphone and posed a weighty …
6 Wealth & Success Lessons From The Ultimate Gift Read More »
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