Protect Your Heirs by Naming a Trust as IRA Beneficiary

Often, tax-qualified retirement accounts such as IRAs make up a significant part of one’s estate. Naming beneficiaries of an IRA can be an important part of an estate plan. One option is designating a trust as the IRA beneficiary.

Caution: This discussion applies to traditional IRAs, not to Roth IRAs. Special considerations apply to beneficiary designations […]

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IRS Across the Pond

You probably don’t invest a great deal of time feeling sorry for a certain U.S. citizen named Meghan Markle, who has just tied the proverbial knot with Prince Harry of England. However, an article in the Wall Street Journal, states that the bride-to-be, as well as other American citizens who marry foreigners, are subject to […]

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Can I Undo My Roth IRA Conversion in 2018?

The answer is: It depends.

When you convert a traditional IRA to a Roth IRA, you include the value of your traditional IRA, reduced by any nondeductible contributions you’ve made, in your income for federal tax purposes in the year of the conversion. For conversions prior to 2018, if you subsequently decided to “recharacterize” or undo […]

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Mid-year Planning: Tax Changes to Factor In

The Tax Cuts and Jobs Act, passed in December of last year, fundamentally changes the federal tax landscape for both individuals and businesses. Many of the provisions in the legislation are permanent, others (including most of the tax cuts that apply to individuals) expire at the end of 2025. Here are some of the significant […]

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The Standard Deduction and Itemized Deductions After Tax Reform

The Tax Cut and Jobs Act substantially increased the standard deduction amounts for 2018 to 2025. It also eliminated or restricted many itemized deductions for those years. You can generally choose to take the standard deduction or to itemize deductions. As a result of the changes, far fewer taxpayers will be able to reduce their […]

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Due Date Approaches for 2017 Federal Income Tax Return

Tax filing season is here again. If you haven’t done so already, you’ll want to start pulling things together — that includes getting your hands on a copy of your 2016 tax return and gathering W-2s, 1099s, and deduction records. You’ll need these records whether you’re preparing your own return or paying someone else to […]

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Ten Year-End Tax Tips for 2017

Here are 10 things to consider as you weigh potential tax moves between now and the end of the year.

1. Set aside time to plan

Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a real […]

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Examining the Taxpaying Population: Where Do You Fit In?

Every quarter, the Statistics of Income Division of the Internal Revenue Service (IRS) publishes financial statistics obtained from tax and information returns that have been filed with the federal government. Recently published reports reflect data gleaned from 2014 individual federal income tax returns. These reports offer a snapshot of how the U.S. population breaks down […]

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Estate Planning Tip: Creditor Protection for IRAs & Beneficiaries

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Individual Retirement Accounts (IRAs) have the potential benefit of creditor protection in the event of bankruptcy. If you are going through a bankruptcy proceeding then your IRAs will be protected against most creditors; in other words your IRA assets will be safe and no one will be able to seize them. It […]

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Charitable Donations: A Tax Deduction Primer

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Charitable donations are admirable gifts, and ones that can be made in the forms of cash, check, credit card or payroll deduction. When it comes to the Internal Revenue Service (IRS) they require proof that you made donations, and the responsibility of receiving and documenting that proof falls onto you – the […]

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