Finding the Balance Between Saving for Retirement and College
Many parents struggle to find the balance between setting aside money for their own retirement accounts or to help fund a child’s college education. Here are some things to consider:…
Are Target Date Funds Right for You?
A target date fund (TDF) is a mutual fund or exchange-traded fund made up of multiple underlying investments designed to meet an investor’s future financial goal, such as retirement or…
7 Tax-Smart Reasons to Hire Your Spouse
Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for…
How Are Traditional IRA Withdrawals Taxed?
When you take withdrawals from your traditional IRA, you probably understand they're taxable. But what does that really mean? Important: Once you reach a certain age, you must start taking…
20 FAQs About RMDs
After a one-year hiatus due to the COVID-19 pandemic, owners of qualified retirement plans and IRAs must adhere to the rules for required minimum distributions (RMDs). The RMD rules are…
Would a Roth IRA Conversion Make Sense for You?
Roth IRA and 401(k) accounts were created in 1998. Contributions to Roth accounts are taxed on the front end at ordinary tax rates when made. But withdrawals from these accounts are generally tax-free…
Getting a divorce? Be aware of tax implications if you own a business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases,…
2021 individual taxes: Answers to your questions about limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due…
5 Valuable Tax Credits for 2020 Individual Returns
Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. It's important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a…
Important Tax Figures for 2021
The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social…