Medicare is more complicated than most people think. Here are ten of the most common questions that come up on Medicare. With the baby boom generation entering retirement, many have questions about Medicare. People are confused—both about how the system works, and how these inner workings affect their retirement decisions. These ten questions address some …
By Debra Taylor, CPA/PFS, JD, CDFA Reviewing clients’ tax returns is a great way to provide a service that is hard to come by. Moreover, you gain access to information that can help clients make better financial decisions and lead to more business. With the advent of tax review software, in our case Holistiplan, this …
Breaking Down a Tax Return: What Every Advisor Should Know Read More »
Most of us probably hope that we will never need disability benefits. But for those who qualify, they can be an important source of income. The disability portion of the Social Security program is so big and so complex that there are law firms that specialize in helping workers navigate their way through it. Although …
What You Need to Know About Disability Insurance Read More »
Qualified charitable distributions from an IRA provide individuals over 70½ with a way to receive income tax savings on charitable gifts—even if they decide to take the newly increased standard deduction. T The proportion of individuals who claimed charitable deductions on their taxes fell to 8.5 percent in 2018, compared with 24 percent in 2017, …
How to Get Tax Savings on Charitable Contributions After 2018 Read More »
Woe to the taxpayer who runs afoul of the numerous and confusing IRA rules. There are forms to file, contributions to make, distributions to take, and penalties to avoid. While corrections are possible, it’s best to avoid mistakes in the first place. Here’s what you need to know. IRAs come with a lot of rules, …
If you are an IRA owner interested in donating to charity, a qualified charitable distribution may be an option. These 10 rules outline how a QCD should be done. Arguably, one of the biggest changes to the tax code in the Tax Cuts and Jobs Act of 2017 was the doubling of the standard deduction. …
Top 10 Rules to Know About Qualified Charitable Distributions Read More »
Studies show caregiving duties begin to take up more and more time as caregivers age. Fortunately, resources are available to help caregivers and their loved ones manage housing, budgeting, driving, and more. Although many people take it on with grace and generosity, extended caring for an older parent or someone who’s chronically ill can wear …
If you have been laid off or face business downturns, you may wonder if you should claim Social Security now. These guidelines can help navigate the decision. Plus, how Social Security is functioning during the pandemic. On Tuesday, March 17, all Social Security offices were closed to the public for in-person services. As the SocialSecurity …
If there is one key differentiator between baby boomers and their parents, it is the higher incidence of divorce. Americans over 50 are twice as likely to be divorced compared to the same age group 20 years ago. If you have been divorced in the past and are currently unmarried, you may be able to …
As the coronavirus continues to spread, be sure to review your health insurance to determine how you will handle out-of-pocket costs should you need testing, hospitalization or treatment of COVID-19 symptoms. As the coronavirus spreads across the nation, now is a good time to review your health insurance to determine how much you might have …
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