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According to the IRS, if you've already taken your RMD, there is still time to replace that distribution and avoid the tax burden. The ability to return the unwanted RMDs only applies to the amount of the RMD withdrawn — and it must be completed by August 31.
As a financial planner, my focus is on helping our clients achieve their goals, which means maximizing every dollar. This requires a complete understanding of the client's current tax situation, foresight on how their taxable income will look in future years, and some educated guessing on where tax rates may be. The goal is to pay as little tax as possible.
You may have decided to wait until the extended deadline of July 15 to file your 2019 tax return. If so, you may wonder what the "Married, Filing Separately (MFS)" designation is all about. What does it mean, and does it make sense for you?
You don’t need to wait until the end of the year to take advantage of tax-loss harvesting. Minimizing your tax obligation through effective tax-loss harvesting strategies can help your investment portfolio grow.
The SECURE Act was passed late last year, and it made significant changes that will impact everyone, from young families to retirees. So, how does this new law affect your IRA, minimum distributions, charitable giving, and more?
Looking to provide scholarship funds to your alma mater or favorite school? Gifting to a scholarship-granting organization (SGO) allows you to do just that while also realizing great tax benefits. Read on for all the details to help you put money in your alma mater’s pocket, while keeping a bit more in your own!
What if I told you a Health Savings Account is the most tax efficient and versatile retirement account you own? Believe it or not, with proper planning, an HSA can blow the doors off your 401(k), IRA, or even a Roth IRA!
With just over two months left in 2018, now is a good time to start your tax planning, and analyzing your capital-gain situation could result in a lower tax bill come Tax Day 2019. By considering various strategies to offset your capital gains, you could reduce your tax impact and keep as much of those gains in your pocket as possible.
1,097 pages! That’s how many pages are in the Tax Cuts and Jobs Act, signed into law by President Trump on December 22nd. If you haven’t had time to read each page, we’ve broken down the main areas that might have the largest impact on you and your family. It might just be time to update your tax planning strategy for 2018!
Unless you have a crystal ball, it’s hard to predict what tax changes might be coming our way in 2018. But there are several strategies you can implement before December 31st that could better position you to take advantage of the 2018 changes.
When donating to charity, it’s important to develop a strategy that meshes with your financial goals and tax situation.