The Importance of Understanding IRA Beneficiary Selection. Anyone or anything can generally be the beneficiary of your retirement assets such as IRAs, 401(k)s and annuity contracts. It doesn’t have to be a relative and yes, you can name your dog...
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If you have money in a tax-deferred retirement account such as a 401(k), IRA or 403(b), you’re sitting on a tax time bomb. Here’s why… Conventional wisdom says, “Maximize your contributions to tax-deferred plans. Your money compounds without being...
Here are 10 misconceptions about wills… MISCONCEPTION #1: Probate costs are small. Wrong! Attorney’s fees for even a simple probate often reach $5,000 to $10,000. MISCONCEPTION #2: Your will and your assets remain private. Not so! Probate is a...
Standard mileage rate for 2019 increases to 58 cents per mile, up from 54.5 cents for 2018. The rate for medical and moving mileage increases to 20 cents per mile, up from 18 cents. The charitable mileage rate remains...
The owners of pass-through businesses like sole proprietors, partnerships, S corporations and some real estate investors may now qualify for a deduction equal to 20% of qualified business income (QBI). If you have $100,000 of QBI, for example, you...
THE IRS (AND ITS AUTHORIZED PRIVATE COLLECTION AGENCIES) WILL NEVER: CALL TO DEMAND IMMEDIATE PAYMENT USING A SPECIFIC PAYMENT METHOD SUCH AS A PREPAID DEBIT CARD, GIFT CARD OR WIRE TRANSFER. THE IRS DOES NOT USE THESE METHODS FOR...
Just a reminder if you filed an extension for your 2019 tax return, time is almost up. The filing deadline to file your 2019 tax return is October 15th, 2019. There is no additional extension for your 2019 tax...
Suppose you own property you intend to transfer to your loved ones. Perhaps you are considering giving your children an ownership interest in your principal residence. Before you act, you should review the tax consequences of your decision. Specifically, tax...
Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and...
The IRS remains on the lookout for tax scams that can blindside unsuspecting taxpayers. Now two variations of past scams are currently making the rounds. Here’s what you need to know: The new scams The SSN hustle. This scam resembles...