Articles
Many employers offer what are commonly referred to as 401(k) plans, named after the tax code section that created the plans. These plans allow employees to defer part of their earnings for retirement. Some employers offer matching contributions that in...
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It is never too early to plan for your retirement. This section includes a number of features to assist you with your retirement questions. For a more comprehensive look at your retirement planning needs, please call this office.
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It is never too early to plan for your retirement. This section includes a number of features to assist you with your retirement questions. For a more comprehensive look at your retirement planning needs, please call this office.
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Taxpayers who have reached the age of 70½ and have qualified retirement plans are generally required to take minimum distributions from those plans annually. Quite frequently, taxpayers have multiple IRA accounts in addition to one or more types...
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Withdrawals from a Roth IRA are tax-free if the funds have met the five year aging requirement and the following criteria is met.
The account owner is at least 59-1/2, or
The funds are used for a qualified first-time home purchase ...
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The decline in the stock market has adversely affected the value of taxpayer’s retirement investments. This decline in value of retirement accounts has uniquely affected taxpayers who have taken early retirement.Generally, taxpayers who withdraw ...
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When one spouse works and the other does not, tax law allows the non-working spouse to base their contribution to an IRA on the income of the working spouse.This tax benefit is frequently overlooked when spouses have been working and basing their indiv...
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This is a nonrefundable income tax credit for 50% of the administrative and retirement-education expenses for any small business (less than 100 employees) that adopts a new qualified defined benefit or defined contribution plan (including a Code Sec. 4...
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You may encounter certain financial situations making it necessary to withdraw funds from your IRA account. Funds withdrawn from a Traditional IRA are taxed at the regular income tax rates AND are subject to a 10% early withdrawal penalty if you are un...
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Your age at the time you make a taxable withdrawal from your Traditional IRA account can make a big difference in the amount of tax you will pay. Generally, there are three periods within your lifetime where different tax rules apply:
Under Age 59&...
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