Retirement Savings Changes You Should Know About Before Year’s End
Over half of Americans need to catch up to their retirement savings goals. An additional 10 percent are uncertain about their retirement savings and planning status, according to a 2023 Bankrate survey. As the year draws to a close, it's crucial to stay informed about...
Required Distributions: Changes You Need to Know
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts to be emptied within 10 years of the original owner's death, with...
Financial Management Tips for Small Business Owners
Often, the success of your small business stems from your ability to craft your product or service. However, you may need more expertise in other vital aspects of business operation, like financial management, which is the most significant contributor to business failures. Luckily, there are...
There’s Still Time to Fund an IRA for 2023
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by...
Tax-Smart Investing: A Beginner’s Guide to Maximizing Returns
Navigating the world of investments can be daunting, especially when considering the impact of taxes on your returns. However, with the right guidance, tax-smart investing becomes more accessible....
SECURE 2.0 Provides New Retirement Savings Options in 2024
The SECURE 2.0 Act, passed in December 2022, made wide-ranging changes to U.S. tax laws related to retirement savings. While some provisions were effective in 2023, others did not take effect until 2024. Here is an overview of some important changes for this year....
Transfer of Clean Vehicle Tax Credit to Dealer as Payment for the Vehicle
Federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles). Starting in 2024, you may be able to elect to transfer the new and previously-owned clean vehicle tax credits to dealers...
Maximizing Your Returns – Top Tax Deduction Strategies for Investors
While each investor's goals may differ, a common desire is to maximize returns while minimizing what you owe to the IRS. The first area where investors can look for tax deductions is in their investment-related expenses. ...
Tax Season News and Survival Tips
It's not easy to keep up with complex tax laws that always seem to be changing, much less figure out how they might affect you personally. Even so, it's important to consider the potential impact of taxes when making many types of financial decisions. The IRS...
Understanding Retirement Income Taxation
Retirement planning involves more than just accumulating savings; it requires a comprehensive understanding of how your retirement income will be taxed. As you transition from earning a paycheck to relying on various income streams during retirement, it's essential to be aware of the tax implications....