The Retirement Catch-Up Plan: Maximize Tax Savings in Your 40s and 50s

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You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. It’s real. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax…

Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA

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Article Highlights: Understanding Traditional and Roth IRAs The Conversion Process Benefits of Converting Tax-Free Withdrawals No Required Minimum Distributions Estate Planning Advantages Pros and Cons of Converting …

Saver’s Credit Can Help You Save for Retirement 

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Article Highlights: Benefits Eligible Taxpayers Rules for Students, Dependents of Others and Individuals Under the Age of 18 Due Date for Contributions Low- and moderate-income workers can take steps to save for retirement and…

Relief For Some 2023 IRA RMDs

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Article Highlights: IRA Owners Turning 72 in 2023. Required Minimum Distribution Not Required Until April 1, 2025. 60-Day Rollover Period Rollover Period Extended Until September 30, 2023. On July 14, 2023, the IRS issued Notice…

It’s Not Too Late for an IRA Contribution

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Article Highlights: Contribution Due Date Age Rules Compensation Rules When To Contribute Contribution Limits Deductibility & Benefits Saver’s Credit Choosing Between Traditional & Roth IRAs Most of the…

Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?

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Article Highlights: Stock Markets Downward Slide Traditional IRA to a Roth IRA Conversions Younger Individuals Here Is How It Works Marginal Tax Rates Example When Using the Marginal Table Conversions Cannot Be Undone. …

Complications to the IRA-to-Charity Distribution Provision

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Article Highlights IRA Contribution Age Restrictions Removed Required Minimum Distributions Qualified Charitable Distribution Tax Trap Individuals are required to begin taking distributions from their IRA when they reach a certain…

Back-Door Roth IRAs

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Article Highlights: Roth IRA Contribution Limitations Converting a Traditional IRA to a Roth IRA Circumventing the Limitations Back-Door Roth IRAs Pitfalls of a Back-Door Roth IRA The “All IRAs Are One” Rule Many individuals…

Tax Filing Deadlines Are Rapidly Approaching

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Article Highlights: Filing Due Date Balance due payments  Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2021 Individual refund claims for tax year 2017 Just a reminder to those…

What’s Best for You – Traditional or Roth IRA?

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The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type is…