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…
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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…
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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…
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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.…
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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…
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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…
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See the biggest factors that affect when you receive your tax refund in 2020 for the 2019 tax year.
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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…
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Due to the annual inflation adjustments, the IRS has updated the numbers affecting your 2019 tax return, including tax brackets and tax rates and standard deduction amounts. These are the numbers you will use in 2020 to file your 2019 tax return. If…
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An Individual Taxpayer Identification Number (ITIN) is a nine digit number, the Internal Revenue Service (IRS) uses as a tax processing number when people file their federal tax returns, who do not qualify for a Social Security Number (SSN) or Employ…
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