4 Easy Ways to Start Your 2013 Tax Planning and Save Money
The New Year’s celebrations are over. The New Year’s Resolutions are starting. We’ll see how long they last. Many people feel income taxes are going up. I’m confident they are for the higher income...
View Article6 Proven Reasons to Make a Charitable Donation from Your IRA to Save Money
The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA. The Basics Charitably inclined taxpayers over age 70 1/2...
View ArticleHow to Explain a Roth IRA to Your 25 Year Old
Roth IRA Eligibility To be eligible for a Roth IRA you need to have earned income. This is typically from wages earned as an employee. Earnings from self-employment also qualify. The annual...
View Article3 Reasons I Encouraged My Son to Open a Roth IRA
I recently suggested to my son that he open a Roth IRA. Here are the 3 reasons why. 1) He’s Young The Roth IRA offers a huge advantage over a regular IRA. This is particularly so for younger...
View ArticleDon’t Take That Required Minimum Distribution (RMD) Just Yet!
Clients who will be turning 70 ½ this year are being advised to PAUSE with regards to taking their Required Minimum Distribution from their IRA for 2019. Clients of this age AND who have an IRA or a...
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3 Reasons to Do a Roth Conversion to Save Taxes
A Roth Conversion is when you take a distribution from an IRA, tax it and rollover the proceeds within 60 days into a Roth IRA. In lieu of getting a check, have the funds sent from the IRA to the Roth...
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Why All Investors Should Fund A ‘Back Door’ Roth IRA
Investors with earned income can fund a Roth IRA for up to $6,000 annually. Investors age 50 and older can fund an additional $1,000 with a ‘Catch-up” contribution for a total of $7,000 annually....
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5 Easy Ways to Save Taxes with the SECURE Act
President Trump recently signed legislation called “Setting Every Community Up for Retirement Enhancement” (SECURE Act). This legislation has 29 provisions in it and will affect many investors saving...
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4 Reasons to do a Roth Conversion
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results...
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5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From...
The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2023, Single filers can claim $13,850, Head of Household $20,800 and Married Filing Jointly $27,700. Additionally, the...
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