Tag Archives: Retirement Planning
The newly enacted American Taxpayer Relief Act retroactively reinstated federal tax rules that allow certain IRA owners to make tax-free distributions from their IRAs to eligible charities.
If you have an IRA and are age 70½ or older, you can make tax-free distributions of up to $100,000 per year for 2012 and 2013. These distributions aren’t subject to charitable contribution limits since they aren’t included in your gross income or claimed as a deduction on your return. They do, however, count (continue reading…)
Change is in again, at least when it comes to the federal tax code.
Recently, the IRS published the federal tax amounts for the coming calendar year. Unlike last year, many of the inflation-adjusted tax amounts have been adjusted upward.
As taxes impact most of your business and financial decisions―and many of your personal ones―planning for them is crucial to your tax and transaction planning for the coming year.
The following guide includes many of the most important tax amounts for 2012 and compares them to the (continue reading…)
Required to File Form 8955-SSA for Your Benefit Plan? IRS Releases New Form and Extends 2009 and 2010 Filing Dates
How easy would it be, after some forty or fifty years in the workforce, to overlook retirement benefits due from a long-past employer?
Very, as it turns out.
To avoid this eventuality, the Social Security Administration is charged with maintaining a database of information on individuals due retirement benefits from former employers. It is also charged with notifying these individuals—as they reach retirement age—about the retirement benefits they may be due.
For plan years beginning in or after 2009, the SSA gathers information (continue reading…)
Affluent taxpayers have an attractive new retirement option available to them this year, the Roth IRA.
For the first time, income restrictions on converting to a Roth IRA no longer apply. A whole new group of affluent taxpayers is now eligible to convert traditional retirement accounts to Roth IRAs. In addition, there is a one-time benefit this year that delays recognition of taxable income generated as a result of converting.
Unfortunately, in spite of the tax incentives, there is no simple answer (continue reading…)
Last month, life delivered Michael a wake-up call in the form of a mild heart attack.
A widower of 58 with a grown family, Michael is a successful entrepreneur with a thriving family business.
And like the vast majority of family business owners, he hopes his business will remain in the family as a source of financial security and employment for generations to come.
Regrettably, the odds are not in his favor.
The Crisis in Family Business Succession
The statistics for family business succession are dismal: (continue reading…)
The virtual meltdown of the stock market in 2008 created a unique problem for many older taxpayers.
Generally, their IRAs―as well as their 401(k) and 403(b) plans and other employer-provided, defined contribution retirement plans―are subject to required minimum distribution (RMD) rules for federal income tax purposes. Under these rules, account owners must withdraw minimum amounts each year, beginning with a legally mandated date that is generally determined based on age. With limited exceptions, the required minimum distribution amount is taxable income (continue reading…)
They’ve heard it’s a once-in-a-lifetime opportunity.
Now in their mid-50s, April and Brian have always taken planning for retirement seriously and have accumulated significant (although recently diminished) balances in traditional IRAs as part of their retirement funds.
They also have smaller balances left in the 401(k) plans of former employers.
Although the couple briefly considered Roth IRAs, they were told that their incomes were too high to consider converting their traditional IRAs or to make future Roth IRA contributions.
Recently, April and Brian heard (continue reading…)
No battle plan survives contact with the enemy, according to Colin Powell.
Unfortunately, the same can generally be said of your tax plan―which is subject to damage from changing legislative and economic realities. But the fact that you may have to adapt your plan during the year to reflect such altered circumstances is no reason not to have one.
This year, there are quite a number of new or expiring tax credits and deductions at state and federal levels that could (continue reading…)
Increasingly, executives seek independent tax and financial advice from advisors not affiliated with their companies.
The trend results from a number of factors: Perceived conflicts of interest. Increasing scrutiny by regulators. Changes to federal rules that restrict the services a company’s auditors can provide to executives in a personal capacity. A need for privacy. Or simply the desire to get the best year-round advice from professionals of their own choosing—people they relate to and trust to operate solely in their best interests.
Bader (continue reading…)
Do you know the federal deadline for making your IRA contribution? When to make estimated tax payments? Or when your tax return is due if you apply for an extension?
Taxes can have a significant impact on your cash flow, so planning for them is crucial. If you miss a tax deadline, you can lose an important tax deduction or become subject to substantial penalties and interest.
2009 Federal Income Tax Calendar
The following quick-reference guide includes many of the most important federal (continue reading…)