Tax Planning
Individual income tax returns for 2021 will be due April 18th, 2022. In preparation as we head into the tax season, here are some facts to consider. 1. Where your tax dollars go. In 2021, the federal government spent $6.82…
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The end of the year can help remind us of last-minute things we need to address as well as the goals we want to pursue and get serious about. To that end, here are some aspects of your financial life…
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RMDs, or Required Minimum Distributions, are withdrawals that are required by the IRS each year out of your traditional retirement accounts like 401(k)s and IRAs starting at age 72. The money that you have to take out annually by December…
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Numbers to know for the new year. On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. 401(k)s. The salary…
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Sudden events can cripple a small business. One way to protect the business from such an event involving one of the owners is a tool called a buy-sell agreement. A properly constructed buy-sell agreement allows the business to continue operations…
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If you are a business owner who is thinking about selling your business or property in a few years, then you need to know this. Why are so many landowners reluctant to sell their properties? Because they have to pay…
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To understand what a Roth conversion is, you must first understand some of the basics about the different types of retirement accounts, called “qualified accounts.” Also called defined-benefit plans, pensions are paid for by employers. They have largely gone away…
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Big Tax Refund This Year? You May Be Doing It Wrong Getting a big tax refund feels good. According to the IRS, the average American received a refund of $2,781 in 2019. Awesome! That should cover a summer vacation or…
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