New Tax Form for Seniors - the 1040-SR

Tax time can be, well, quite taxing. Deciding which forms you need to complete can be a nightmare for many taxpayers. Just when you think you have it all figured out, the IRS releases new tax forms to match the recently changed tax laws and changes e… Read More

SEP IRA vs. Solo 401(k): Which One is Right for Your Business?

Do you own a small business and are considering starting a retirement plan for your employees and yourself? Are you not sure about which one is right for your business? Both SEP IRAs and solo 401(k)s are retirement accounts that allow you as the busi… Read More

SIMPLE IRAs vs. SEP IRAs: What is the Difference?

The primary difference between a SIMPLE IRA and a SEP-IRA are who is allowed to fund the retirement accounts and the contribution limits. Both a SIMPLE IRA and a SEP-IRA are tax-deferred individual retirement accounts offered primarily by small busin… Read More

Are You Maximizing Your IRA Retirement Plan Contributions?

Tax time is a great time to review your retirement savings to make sure you are maximizing your IRA retirement plan contributions. The IRS gives you until April 15 (Tax Day!) to make contributions for the preceding year (current tax year). That’s r… Read More

Qualified Charitable Distributions - What they are and how they provide valuable tax savings. [a detailed review]

A qualified charitable distributions are donations to an eligible charity taken directly from your traditional IRA. Depending on the amount you give to qualified charitable organizations annually, the tax savings of having the payments made directly… Read More

Tax Benefits of a Traditional IRA vs ROTH IRA

An IRA is an individual retirement account, a vehicle people can use to save for retirement. Both Traditional and Roth IRAs have amazing tax benefits. Both types of IRAs help you with tax planning for retirement by giving you a vehicle to save money.… Read More

Get Ready to File Your Tax Return: Documents You Will Need [Checklist]

It’s tax time! You know what that means: time to pull together all those important documents you need to take to your accountant to complete your tax return. Having all the documents organized will help ensure your tax return is completed correctly… Read More

Understanding Your Health Savings Account (HSA) [Breakdown]

If you qualify for a Health Savings Account (HSA), it provides a great method with some careful planning to both pay health insurance companies less and save for retirement, while reducing your tax liability. Setting aside money in an HSA allows you… Read More

When Will You Receive Your Tax Refund in 2020?

See the biggest factors that affect when you receive your tax refund in 2020 for the 2019 tax year. Read More

Required Minimum Distribution (RMD) for Retirement Income - Understanding the RMD and How to Get the Largest Tax Benefit from Your Distribution

It is that time of year again: Time to make sure you have met the required minimum distribution (RMD) from your retirement account by December 31. If you turned 70½ this year, you have until April 1 of next year to take your first RMD from your tax… Read More

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