retirement

Factor In Taxes If You’re Relocating To Another State In Retirement

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes.…

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retirement savings

Retiring Soon? Recent Law Changes May Have an Impact on Your Retirement Savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of…

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Can I Deduct It?

Can I Deduct It? Expense Considerations for Self-Employed Individuals

2020 was certainly a year that will be remembered decades into the future for a variety of reasons.  COVID-19 completely overtook our lives as it directly and indirectly affected millions.  We saw millions infected, thousands die, and a booming economy crash to earth. As a self-employed individual, to survive, you needed to adapt your business…

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Easing the pain of the NIIT on your estate plan

Easing the Pain of the NIIT on your Estate Plan

The 3.8% net investment income tax (NIIT) can negatively affect your estate plan. This is especially true if your assets include an investment portfolio, because the NIIT can increase the tax on your capital gains, taxable interest and other investment income, thus reducing the amount of wealth available to your family. In addition, the NIIT…

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IRA

Taking Distributions from a Traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in…

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CARES Act Retirement accounts

How Does the CARES Act Affect Your Retirement Accounts?

As individuals continue to deal with the impact of the novel coronavirus (COVID-19) pandemic, the Coronavirus Aid, Relief and Economic Security (CARES) Act contains some retirement-related provisions to help ease the financial pain. RMDs waived in 2020 If you’re in the fortunate financial position that you don’t need to access retirement account funds this year,…

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traditional IRA vs. Roth IRA

2020 May be the Best Year to Convert a Traditional IRA to a Roth IRA

Differences Between Traditional and Roth IRAs The basic premise of a Traditional IRA is that it allows tax-deferred contributions.  This means that if certain criteria are met, taxpayers may deduct the amount of their contributions to their Traditional IRA from their income.  Taxes are paid on Traditional IRAs when distributions are taken. If income is…

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powers of appointment

Keep Future Options Open with Powers of Appointment

The amount of flexibility you build into your estate plan will go a long way toward how successful, ultimately, it is at carrying out your wishes after you’re gone. Using powers of appointment is one way to achieve that flexibility. Powers of appointment — defined A power of appointment is simply a provision in your…

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