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Tax

IRS Extends Retirement Account Deadlines for Victims of Hurricane Florence

The news has been filled with reports of the flooding and damage in North Carolina in the wake of Hurricane Florence. As the cleanup continues, the IRS has announced tax relief for the storm’s victims.

Putting Your 2017 QCD on Your Tax Return: Four Things You MUST Know

A QCD is a qualified charitable distribution. It is a way to transfer funds from your IRA to a qualifying charity as a non-taxable distribution. It can also satisfy your RMD (required minimum distribution) for the year. You must be at least age 70½ at the time of the transaction to qualify. There are four things that you must know.

12 Ways the IRS Website Can Help You Reduce Your Taxes and File Your Return

The IRS website provides a host of free resources that can help minimize your tax bill and manage your taxes all year round. Yet, most taxpayers are unaware of them. Here are a dozen of the best.

The 10% Early Distribution Penalty Exceptions – Know the Rules

This is a reminder that not all 10% early distribution penalty exceptions apply to all retirement plan distributions. Here are the three biggest mistakes that we see.

6 Things Every Non-Spouse IRA Beneficiary Needs to Know

It is not unusual to inherit an IRA from someone who is not your spouse. Many people inherit an IRA from a parent or a sibling. If this is the case for you, here are six things you will want to know.

Last Minute IRA Contribution Advice

The 2016 tax-filing deadline is upon us. Are you considering making a 2016 IRA contribution? It’s not too late, but time is quickly running out. Here are some quick words of last minute advice to keep in mind as you make your contribution.

Sometimes It Pays to Treat Your Kids Unequally

As the father of more than one child, I understand the desire to try and treat children as equally as possible. You certainly don’t want one child to think you love him/her any less, or more, than your other children (though children will inevitably feel that way at one time or another), and you want the best for all of your children. But while children may share the same parents, may grow up in the same house and may be raised in the same manner, they are very much like snowflakes. Each one is truly unique. For those not set on a predetermined course of action when developing an estate plan, there are definitely scenarios where, from a purely financial perspective, it can pay to treat children differently. In fact, doing so can, in some cases, leave everyone with more than they would have otherwise.

Roth IRA Recharacterizations: 11 Things You Need to Know at Tax Time

Here are the 11 things you need to know at tax time.

What You Should Know Before You Name an HSA Beneficiary

If you have an HSA, you will want to give some thought to what will happen to this account after your death. The rules are a little tricky and careful planning is important to minimize the tax bite.

7 IRA Questions to Ask Before You File Your Return

1) Did you make a deductible IRA contribution for 2016? If yes, make sure the deduction is reflected on line 32 of your Form 1040.

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