One of the smart money moves one can make toward retirement is to roll over your 401(k) to your Individual Retirement Account (IRA). This is especially good for people adjusting...
Posted by KLSM CPA Firm PLLC on 06/15/2023
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 on 11/28/2022
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 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
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 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
This is a form of savings account in which the owner gets some type of tax advantage. The employer can establish a flexible spending account or flexible spending arrangement for its...
Posted by Rosovich & Associates, Inc. on 03/16/2021
