Topics
Topic:
Tax Planning
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Avoiding tax penalties on 529 Plan funds – not all expenses are qualified
If you have accumulated a sizeable amount of funds in a 529 college savings account, how can you get these funds out without having to pay tax penalties? If you inadvertently use funds for the wrong expenses, you will end up being taxed on the earnings, as well as levied a 10% penalty on that…
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Take advantage of Covid tax benefits using your IRA
In a previous blog in April, David Garcia and Mike Walsh discussed The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law by the president on March 26, 2020. The Act suspends required minimum distributions from IRAs, inherited IRAs, and defined contribution plans for the year 2020 (it is not applicable to…
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Money Minutes: Roth IRA Distributions
Money Minutes: Information to help you live a better financial life.
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Tax planning is a hot topic amid a pandemic and a looming election
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Evensky & Katz / Foldes
Planning based on current tax law is the norm for financial adviser Danqin Fang, of Evensky & Katz/Foldes Financial Wealth Management. However, the gap between the November election and taking office in January 2021 could present some planning opportunities, Fang wrote. “An increase in capital gains rates that was not retroactive could lead us to…
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Stay Cautious about Stimulus Scams
One provision of the CARES act is a stimulus check for millions of taxpayers. These payments began to roll out the weekend of April 11 and will continue to be deposited to taxpayer bank accounts, with paper checks possibly following in May. The stimulus checks have created a ripe environment for fraudsters, likely heightened by…
