Taxes

Divorce. Who Gets to Deduct the Kids?

By |2024-01-18T14:38:25-05:00January 18th, 2024|Financial Planning, Taxes|

Divorce. It’s an ugly business. Not just in the emotional toll it takes on the couple calling it quits, but in time, money, other resources, and the rest of the family. You’re not just dividing household possessions and investment accounts. Who gets custody of the pets? Who gets custody of your friends? Who gets custody [...]

Qualified Charitable Distributions (QCD) from Inherited IRAs

By |2023-11-27T14:28:54-05:00November 27th, 2023|Estate Planning, Financial Planning, Retirement Planning, Retirement Savings, Taxes|

At the very moment IRAs joined the retirement savings universe in 1974, so did Required Minimum Distributions (RMD). The government was more than happy to provide a tax-deferred way to save for the future, but it came with a future reckoning—paying taxes on all the contributions and on all future growth whenever an IRA owner [...]

Taking Money from an IRA Without Penalty

By |2023-11-27T14:24:51-05:00November 27th, 2023|Financial Planning, Retirement Planning, Retirement Savings, Taxes|

The IRA is a great retirement savings vehicle; money grows on a tax-deferred basis and that’s a good thing. Eventually, though, you have to pay the IRS piper when you choose to withdraw funds for retirement or when you’re forced to withdraw the Required Minimum Distribution at age 73.   Let’s be clear. You can [...]

Roth IRAs and the Death of Military Personnel

By |2023-11-27T14:23:14-05:00November 27th, 2023|Financial Planning, Retirement Planning, Retirement Savings, Taxes|

There is a little-known rule connected to Roth IRAs that can benefit the surviving spouse of a deceased military member. It allows for a one-time, 6-figure contribution to a Roth IRA.   In the military, the death gratuity program provides a tax-free payment of $100,000 to eligible survivors of military members who die while on [...]

2 Confusing IRA Beneficiary Designations

By |2023-11-27T14:21:49-05:00November 27th, 2023|Financial Planning, Retirement Planning, Retirement Savings, Taxes|

“What in the world does that mean?”  I can’t tell you how many times I’ve been asked that question during more than 30 years in the financial industry. Clients naming beneficiaries on IRAs, 401(k) accounts, annuities or insurance policies stop dead-in-their-tracks when asked to decide whether they want beneficiaries to receive proceeds from their account [...]

How Long Should You Keep Tax Records

By |2023-11-21T07:09:25-05:00November 21st, 2023|Taxes|

There are certain questions of life we all want answered. What happens when you die? Does my life have meaning? How long should I keep tax records? Personally, my answer about keeping tax records is biased because I’m a safety man. I would wear a belt AND suspenders—just in case.   But the length of [...]

Tax Deductions for the Caregiver

By |2023-11-21T07:08:15-05:00November 21st, 2023|Aging Parents, Financial Planning, Taxes|

It’s a fact of life. Americans are consistently living longer than ever before. It used to be that someone living to 90 was a rarity. Today, it’s commonplace. And the longer we live, the higher the probability we’ll need care. Much of that care may be provided by family members.   According to the National [...]

Free Tax Help for Seniors

By |2023-11-21T07:06:00-05:00November 21st, 2023|Taxes|

Tax Time—it’s one of those phrases that strikes fear in the hearts of even the strongest among us. It can send one spouse scurrying for cover while the other gathers and organizes tax documents. And vile words not heard during the rest of the year have been known to escape from the lips of people [...]

Go to Top