The Internal Revenue Service reminds low and moderate-income workers to plan now to earn a credit on their 2017 tax return. A special tax break can help people with modest incomes save for retirement. It’s called the Saver’s Credit and it could mean up to a 50% credit for the first $2,000 a taxpayer contributes …
When is an 83(b) election appropriate to make and what are some of the benefits from it? Section 83 applies to employees who receive stock that is subject to vesting. It is an election that would allow the taxpayer to be taxed at the time of the receipt of the property. There are various examples …
The myRA (“my retirement account”), a savings account designed to help low and middle-income savers put money away for retirement, is being shut down by the U.S. Treasury Department. Citing lack of participation relative to the cost of maintaining the program, U.S. Treasurer Jovita Carranza, stated “The myRA program was created to help low to …
Do you think your accountant asks you too many questions? Do you feel interrogated? I’d just like to remind you that we are on your side and we aren’t the ones issuing penalties. We are here to help prevent those penalties, but we can only use the information that is given to us (shocking, I …
We may soon see the end of a valuable estate planning tool known as the stretch IRA, which allows the tax deferred status of an inherited individual retirement account (IRA) for as long as possible when the beneficiary is someone other than a spouse. This tool is typical of the planning currently being done with …
Saving for the future can be a daunting task if you are unsure where to start or what the advantages of each type of saving can do for you. Let’s take a minute to look at the advantages of a Roth IRA. A Roth Individual Retirement Account (IRA) is an account you open and manage …
The best part of being retired is no doubt the freedom of movement. This freedom allows retirees to live wherever they want and to move whenever they want. (Oh, the joy!) They may decide to move to someplace warmer, someplace cheaper, or even someplace closer to their kids or grandkids. The fact is that many …
Sometimes a taxpayer’s Social Security tax form goes missing. You don’t need to visit a Social Security office to get a copy of your Form SSA-1099 or SSA-1042S to do your tax return. The Social Security Administration has made your statement available online. As reported by SocialSecurity.gov, an SSA-1099 is a tax form Social Security …
Traditional IRAs are a great way to lower your taxable income and save for retirement. For 2016, you can contribute up to $5,500 to a traditional IRA plus an additional $1,000 if you’re age 50 and older. In order to contribute to an IRA, you must have “earned income”. Generally speaking, this is earnings from …
As more individuals push off retirement and getting Social Security, many are in danger of missing the enrollment period for Medicare Part B. In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty for as long as you have Part B. Your …