What you need to know We’re always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It’s called the required minimum distribution (RMD) rule. Here are some tips […]
The importance of a CPA Life is often viewed as a series of stages – childhood, graduation, parenthood, and retirement, to name a few. Like the points on a clock, time moves us from one stage to the next. No matter what “time” it is in your life cycle, you probably share a common worry: […]
You’re approaching that long-awaited day when you can say goodbye to full-time employment. But you’ve been listening to the dire predictions of financial pundits. Not exactly encouraging stuff. Should you continue to plug along at work and ride out the storm? Or should you retire as planned, even if the market’s headed for a significant […]
What should parents teach their teenagers about finances? How can you help them avoid the lure of easy credit and overspending? First, teach by example. Do you tell your youngster to save for the future when you don’t set aside money for retirement? Do you finance your purchases with ever-increasing debt, or does your lifestyle show […]
The Social Security Administration announced a 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021. For those still contributing to Social Security through wages, the potential maximum income […]
Here are five last-minute tax-saving ideas. But act soon, the tax year is quickly nearing an end. Make a late-year charitable donation. Even better, make the donation with appreciated stock. You can often receive the higher value donation without paying capital gains. Make contributions to your retirement plan AND take any required minimum distributions from your […]
Say “insurance” to most people and auto, health, home, and life are the variants that spring to mind. But what if an illness or accident were to deprive you of your income? Even a temporary setback could create havoc with your affairs. And statistics show that your chances of being disabled for three months or […]
When you buy shares of a mutual fund, your money is pooled with other shareholders’ money and invested in a portfolio of securities (stocks, bonds, etc.) An investment in a mutual fund offers you diversification and management by professionals. Mutual funds have no guarantee of good returns or safety of your investment; they go up […]
Less than 2% of over 145 million individual tax returns filed will be selected for audit. The percentage increases for higher income groups and tax returns in areas of specific interest to the IRS. If you should receive notice from the IRS of an impending audit please remember: IRS computers usually flag the tax returns […]
With the backlog of tax return filing due to late changing tax laws, want to ensure your refund gets to you in the shortest amount of time? More importantly, how can you avoid receiving a letter from the IRS? Here are some of the most common tax filing mistakes: Forgetting a W-2 or 1099: The IRS […]