You open an individual retirement account known as an inherited IRA on inheriting a tax-advantaged retirement plan like an IRA or 401(k). The heir needs to transfer such assets from...
Posted by Jim McClaflin, EA, NTPI Fellow on 07/24/2021
Tax deferral involves taking a deduction and moving it to a previous year or deferring part of your income to a later year. You are not reducing your overall taxes but getting a benefit...
Posted by Abundant Wealth Planning LLC on 07/24/2021
Tax is an unnecessary source of stress for small business owners. This is not surprising as many business owners have many things to worry about, and adding the complexity of preparing...
Posted by CORE PERFORMANCE on 07/23/2021
If you lose or quit your job, your 401k retirement savings can come with you. There are options for your 401k funds when this happens, and one is to switch to an Individual Retirement...
Posted by Income Taxes and Bookkeeping LLC on 07/06/2021
President Joe Biden presented his plan for American families in late April, one of three aspects of the Build Back Better program that guided the first 100 days of his presidency....
Posted by Tiffany Gaskin on 06/24/2021
People in a long-term committed relationship have many similar financial concerns as couples. There is, however, the absence of the protection and some benefits married couples enjoy....
Posted by Jim McClaflin, EA, NTPI Fellow on 06/18/2021
So you are planning for retirement, and you don't know how to go about it? Investing in your 50s/60s is a time of transition. So stop focusing on fundraising for retirement. Instead,...
Posted by The TaxAdvocate Group, LLC on 06/18/2021
You probably already have an opinion on annuities. Maybe you are firm for or against them. However, it's also very likely that you don't know much about them and want to find...
Posted by Unifirst Financial & Tax Consultants on 06/18/2021
Many people would love to withdraw early from their 401(k) since they feel it is their money. However, some rules make this a bad idea. 401(k) exist in two types – Roth...
Posted by Pat Raskob on 06/11/2021
