News & Articles

Midyear Tax Planning Ideas for Individuals

Posted on Wed, Jul 29, 2020

The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving pieces: The COVID-19 pandemic has caused some people to lose their jobs or take pay cuts. Many investors have suffered financial losses during the crisis — while other people have prospered by taking advantage of COVID-related business and investment opportunities. So, depending on your situation, you may have less (or possibly more) taxable income in 2020 than you did in 2019.

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Tags: Tax Planning, Charitable Giving, RMD, COVID-19, Midyear

SECURE Act Affects Retirement and Tax Planning for Individuals

Posted on Fri, Jan 17, 2020

On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It was part of the Further Consolidated Appropriations Act federal spending package. 

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Tags: Traditional IRA, IRA Distributions, 529 Plans, RMD, SECURE Act

Inheriting a Spouse's IRA? Plan Carefully

Posted on Mon, Nov 13, 2017

When it comes to inheriting an IRA, spouses have more flexibility than other heirs. Here are the basic rules:

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Tags: IRA, Beneficiary Designations, RMD

Tax-Savvy Planning Strategies for Inherited IRAs

Posted on Fri, Aug 26, 2016
Say an IRA is inherited by multiple individual beneficiaries or by one or more individuals and one or more charities or other beneficiaries that aren't "natural persons." How do these scenarios affect the rules for required minimum distributions (RMDs) that apply after the IRA owner dies? And how can you optimize the tax results for individual beneficiaries?

Here, we answer these questions and explain the importance of the fast-approaching deadline on September 30, 2016, that must be met to change beneficiaries for IRAs that were owned by individuals who died in 2015.

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Tags: Tax, Tax Penalties, IRA, RMD

Last-Minute Tax Savings: Hurry Before Time Runs Out

Posted on Mon, Dec 07, 2015

Another tax year is drawing to a close. But there's still time for individual taxpayers to trim their tax liabilities for 2015 and beyond, before the New Year begins. Here are 10 eleventh-hour moves that you can still make before the clock strikes midnight on January 1.

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Tags: Tax, Roth IRA, Charitable Donations, College Expenses, RMD