The retirement account is no place to hide money from taxes because eventually, the IRS will come for their even share. RMDs stands for a required minimum distribution (RMD), which...
Posted by Pat Raskob, Emeritus on 11/28/2022
Suppose you're in active service and receive pre-retirement payments; you can decide to rollover the amount into another retirement account. Or suppose you switch between jobs;...
Posted by Dennis Jao on 11/17/2022
Form 1099-C and Cancelation of Debt is a system created by the Internal Revenue Service (IRS) to clarify all transactions made to taxpayers by loan service providers and creditors....
Posted by Pat Raskob, Emeritus on 10/16/2022
Handling divorce and everything that concerns the situation is never easy, so the tax implication will likely be the last thing on your mind. Divorce affects a person emotionally,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/07/2022
Saving for retirement takes effort and sacrifice, especially since most people will need to invest hundreds of thousands or even millions of dollars to provide enough income to supplement...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 09/30/2022
The simplified employee pension (SEP) IRA is for people that are retired. The scheme was established as a saving retirement plan for employees, and the employers make tax deductible...
Posted by Tiffany Gaskin on 07/31/2022
In simple terms, a Roth IRA conversion permits converting your money to a Roth IRA from a traditional or a pre-tax retirement account. If used properly, they can be a financial planning...
Posted by Pat Raskob, Emeritus on 01/21/2022
Some errors on your tax return can cost you a large refund or end up with a larger tax debt with penalties and interest. There could be an audit in the worst cases, but you can defend...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 04/30/2021
A flexible spending account (FSA) is a healthcare benefit account sponsored by the employer, which allows them to set aside $2,7750 every year to take care of the cost for medical...
Posted by Rosovich & Associates, Inc. on 04/15/2021
