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Will Your Planned Retirement Income Be Enough After Taxes?
Article Highlights States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee Funded Retirement Plans Health Savings Accounts Brokerage Accounts Municipal Bonds Investments Home Equity & Gain Exclusion Reverse Mortgage Whole Life Insurance Cash Value This is an important…
Charitable Tax Deduction Peculiarities
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers. Charitable contributions can take many forms, and some are unusual or…
Read This First Before Tapping Your Retirement Savings
Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are considering. But withdrawing money from a traditional IRA or qualified retirement account before you reach age 59½ may not be the best idea, as you will likely…
Determining If Your Vacation Rentals Are Really Commercial Real Estate
This article discusses the ins and outs of a tax strategy known as a cost segregation study, and in particular, for those that own a vacation rental real estate. When the property is leased out for less than 30 days at a time, it could be recognized as non-residential real estate property. Therefore, taxpayers should…
Ways to Keep Adult Children from Becoming a Financial Liability
This article explains several scenarios where your child may be asking you for financial help. First, they may have taken many loans and want your help with EMIs. The author suggests turning the child to a financial advisor to keep your finances intact. Secondly, the child may want a loan to help with a start-up…
Crucial Steps You Can Use To Take Control of Your Finances in 2022 and Beyond
As the old saying goes, “If you fail to plan, you plan to fail.” Whoever coined that phrase was absolutely talking about finances, whether they realized it or not. According to one recent study, a general lack of financial education costs Americans a collective $415 billion every single year. Not only is the average amount…
A Message from Our Managing Member Don Mobley
We Continue to Press On! We want to take this opportunity to thank our clients, employees, and friends of the firm for a successful 2021, and we’re looking forward to a promising 2022. As the pandemic persists, we stay positive, and we are determined to press on. Our nation continues to recover from the pandemic-induced…
Tax Deductions and Credits to Consider in 2022
This article discusses how there are two main strategies that individuals can take advantage of in order to lower their tax bills, deductions, and credits. While tax deductions lower your taxable income, tax credits are “a dollar-for-dollar reduction to your tax bill.” However, many people do not know of or forget about all the things…
Estate Planning Should Include What Happens to Digital Assets and Cryptocurrency
This article explains how the assets people own have become more complicated, making it a little more difficult to include everything in your will. Only about 46% of Americans have made provisions for how their money and estate should be handled, according to a 2021 Gallup poll. Abby Schneiderman, co-founder and co-CEO of Everplans, which…
Shark Tank Investor Daymond John: His Story So Far
If you had to make a list of some of the more popular reality television shows these days, Shark Tank would undoubtedly be right at the top. Originally premiering in 2009, it’s a program that has captured the imagination of people worldwide. A panel of investors – otherwise known as “sharks” – listens to people…