The return of the dreaded tax season is here. On the one hand we hate that Uncle Sam once again has his hand in our pocket, but on the other side of the coin, tax season is the perfect time to review what was done in the past and learn from mistakes – it is
Your Business Can Take Advantage Of SECURE Act Tax Credits
Retirement plans are one of the top benefits you can provide to your employees for their future and as a retention tool. Through the SECURE (Setting Every Community Up for Retirement Enhancement) Act, Congress just added new incentives and tax credits for businesses to offer a retirement plan to their employees, which will reduce the
Favorite Five Financial Resolutions for the New Year
Not feeling financially fit as you enter 2020? If you take it one step at a time, there’s a lot you can do to improve your financial health. 1. Learn what you’re spending. • Build and balance a budget, understand where all your money is going. Trim unnecessary fat. You may not realize how much
Retirement Planning and the SECURE Act
Could the name be any more awkward? The SECURE Act stands for “Setting Every Community Up for Retirement Enhancement” Act of 2019. The bill is designed to encourage retirement savings in various ways and to simplify administrative requirements in order to make it easier for employers to offer retirement plans. But experts say other tax
Significant Year End Deadlines For Investors
The end of the year is fast approaching and TFG Financial wants clients to be aware of some significant year-end deadlines. Required Minimum Distributions for Retirement Plans • Taxpayers who are over age 70 ½ are generally required to take distributions from their individual retirement accounts and workplace retirement plans by the end of 2019.
The Lowdown On Donor Advised Funds
The number of donor-advised fund accounts has tripled in the past four years and it is due to more than taxpayers responding to Tax Reform and “prefunding” their charitable giving. The number of donor-advised funds surged last year to more than 463,000 across community foundations, charities and commercially backed platforms. The funds can be used to
End Of Year Game Mutual Funds vs ETFs Pass Through
The IRS tax treatment of ETFs and Mutual Funds are the same. Both are subject to capital gains tax and taxation of dividend income. But the way ETFs are structured means taxes are minimized for the investor and the ultimate tax bill – after the ETF is sold and capital gains tax is incurred –
roper Fourth Quarter Financial Planning Can Cut Taxes
If you plan properly, you have time between now and December 31st to do something about the taxes you will pay in April 2020. For example: • The fourth quarter is a perfect time to manage the tax impact of investment gains with tax loss harvesting to reduce your income tax liability and impact your
Do Not Mismanage Medicare
Optimizing Medicare, just like optimizing your Social Security benefits is part of a smart retirement strategy! Should you replace an employer-provided health insurance plan with Medicare? When planning for retirement you need to understand the Medicare basics and seek the right help to get the right coverage. The choice you make will impact the premiums
What Beneficiaries Should Know About Taxation of Inherited IRAs
Whether you are the lucky beneficiary or the owner of the original IRA, if you don’t understand the IRA inheritance rules you may be subjecting the account to higher taxes or lower growth, even penalties. It is imperative to pay attention to the tax-efficient aspects of IRA planning and get educated about the opportunities to preserve retirement savings post
