Careful naming of IRA beneficiaries is critical. Merely putting a name on the beneficiary form is insufficient; a certain amount of thought, communication, and coordination is required to prevent loss of family wealth to taxation.
An IRA owner who wishes to pass on as much wealth as possible should carefully consider who should be named as a beneficiary. Wealth grows more quickly in the tax-free or tax-deferred environment inside an IRA. If some of your beneficiaries do not need the IRA funds for support, you should name the youngest possible designated beneficiaries to spread distributions over the longest possible time period. This minimizes RMDs, leaves more money to grow inside the IRA at its pre-tax rate of return and maximizes the amounts that can be passed on to heirs.READ MORE
Do you donate your services to charity and travel as part of the service? Some travel expenses may be deductible for income tax purposes.READ MORE
The pressure to be financially prepared for retirement is evident in the recent Gallup finding that saving for retirement is Americans’ top financial worry.
According to a 2011 Wells Fargo/Gallup Investor and Retirement Optimism Index survey, the value of investments is the key factor determining when pre-retired investors say they will retire, followed by their health, the cost of healthcare, and inflation. However, according to a more recent Wells Fargo/Gallup survey, U.S. investors are highly cautious about retirement savings, saying they would prefer secure investments with low growth potential over investments with high growth potential and a risk of lost principal.READ MORE
1. You must donate to a qualified charity if you want to deduct the gift. You can’t deduct gifts to individuals, political organizations or candidates.
2. In order for you to deduct your contributions, you must file Form 1040 and itemize deductions.READ MORE
These brochures are a summary of the key tax law changes in 2013 for individuals and small businesses that may affect you.
If you are wondering about the need for Long-Term Disability Insurance, but figure you are covered with Social Security. Be sure to consider:READ MORE
The following individual income tax deductions, credit and exclusions will expire at the end of this month:
As we enter the final 3 months of the tax year, here are a couple of strategies to consider with your non-retirement investment portfolio.
Syndicated talk show host Dave Ramsey has selected CPA Kevin Boudreau as one of his Endorsed Local Providers in the Phoenix area for tax services. For more information, contact Kevin at (480) 776-3358.
As we enter the final 3 months of the tax year, here are a couple of strategies to consider with your non-retirement investment portfolio.READ MORE
As some companies look to avoid certain administrative and financial headaches of employing workers, they make arrangements with individuals to be independent contractors who generally get paid without benefits and worker protections.
But be careful. The IRS and courts have certain working environment aspects that are used to evaluate the true definition of the worker.
This comes to light again as a federal judge ruled earlier this week that Rick’s Caberet, a strip club, has to pay its dancers minimum wage and treat them as employees. The club had long classified its dancers as independent contractors and were only paid in customer tips, thus skirting minimum wage rules. This week’s ruling means that 1,900 of Rick’s Caberet International current and former dancers can seek back wages, according to NBCNews.com.READ MORE