Effective tax planning is essential for those approaching or already in retirement, as numerous tax pitfalls can erode wealth if not carefully managed.
The 529 Plan to Roth IRA Rollover: What Grandparents Should Know – Forbes
For families saving money for college, 529 savings plans are important tools. If you’re a grandparent, you’re likely eager to contribute to a 529 for your grandchild, but what happens to the remaining funds after your grandchild completes their education?
Top Financial Planning Challenges In the First 10 Years of Retirement
Retirement marks a significant and exciting milestone in a person’s life. However, the transition can also present various financial planning challenges, particularly in the first 10 years.
What Are Tax-Focused Gifting Strategies?
Tax-focused gifting strategies, such as donor-advised funds and qualifying charitable contributions, can help you maximize your charitable contributions while minimizing your tax liabilities.
Time Is Running Out: The 2025 Tax Sunset Is On The Horizon
The 2025 Tax Sunset is on the horizon and may affect taxpayers across the board. With many 2017 Tax Cuts and Jobs Act (TCJA) provisions set to expire, it could mean significant tax shifts for individuals and businesses alike.
4 Ways to Reduce Your Capital Gains Tax
According to the IRS, the tax rate on most net capital gains is no higher than 15% for most individuals. Some or all net capital gains may be taxed at 0% if your taxable income is less than or equal to $40,400 for a single or $80,800 for married filing jointly or for a qualifying widow/widower.
If Widowhood Happened Tomorrow, Would You Be Prepared?
No one wants to think about something happening to someone we love, but it’s important to be prepared. If you were to become a widow tomorrow, would you know what to do?Here, we share some questions to ask yourself in order to prepare for widowhood should it happen.
Understanding the Home Sale Tax Exclusion
The home sale process is filled with uncertainties, such as how long it will take to sell and if you will get your asking price. But there's one question that doesn't have to remain a mystery: whether you will owe taxes on the sale of your home.
You’ve Inherited Money, Now What Should You Do?
What would you do if you received an inheritance of money? Most people don’t think about this unless they already know it’s coming in the near future. Even then, it can be overwhelming to face all the options you may have and decisions that need to be made as to what to do with the money. There are also a lot of emotions involved with receiving an inheritance; it can be a bittersweet experience.
Tips to Prevent Overpaying the IRS – Why it’s Important to Have a Tax Plan
What is the best way to ensure you don't overpay the IRS? Tips for having an effective tax plan.