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Topic:
Tax Planning
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Turning age 70.5 with an IRA account – what you need to know
When to Start Planning for Retirement There’s a reason that you need retirement plan solutions. Regardless of when you plan to stop working, the IRS requires you to take distributions at 70.5. Making sure you start taking distributions is crucial, since the IRS imposes a 50% penalty on funds that are not withdrawn. But, this is…
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What is perfect tax planning when it comes to tax returns?
It’s that time of year again when millions of Americans file their tax returns before the deadline, hoping for a tax refund of some sort. But is that really the best strategy from a financial planning standpoint? The best tax planning is to have a tax balance of zero when it’s time to file, which…
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The Law of Division – Planning after Divorce — Taxes & Planning
Taxes Your tax filing status will be your status as of the end of the year. This may cause your taxes to increase or lead to an additional liability. If you are a W2 employee and have been withholding for most of the year based on being married, you may end up under-withholding if you…
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IRS Increases 2019 Retirement Plan Contribution Limits
Every October, the IRS considers whether, due to inflation, the limits for retirement account contributions should be increased. For several years now, a low inflationary environment has meant increases have been scarce. At times, there was even fear that contributions may be reduced due to negative inflation. The Federal Reserve has increased interest rates seven…
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Employee Benefits: Quality of Life
The following is a chapter from Employee Benefits: How to Make the Most of Your Stock, Insurance, Retirement, and Executive Benefits by Josh Mungavin CFP®, CRC® and Edited by Chris Boren & Tristan Whittingham. Quality of Life Time-off/Sabbatical Policy Time off for sabbaticals may be paid or unpaid depending on the employer, the duration of service,…
