Understanding Required Minimum Distributions & Advanced Tax Strategies For RMD’s
Understanding Required Minimum Distributions & Advanced Tax Strategies For RMD’s A required minimum distribution (RMD) is the amount that the IRS requires you to take out of your retirement account each year when you hit a certain age or when you...
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Potential Consequences of Taking IRA Distributions to Pay Off Debt
Potential Consequences of Taking IRA Distributions to Pay Off Debt Once there is no longer a paycheck, retirees will typically meet expenses with a combination of social security, withdrawals from retirement accounts, annuities, and pensions. Social...
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Do I Have To Pay Tax On A House That I Inherited?
Do I Have To Pay Tax On A House That I Inherited? The tax rules are different depending on the type of assets that you inherit. If you inherit a house, you may or may not have a tax liability when you go to sell it. This will largely depend on whose name was on...
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How To Use Your Retirement Accounts To Start A Business
One of the most challenging aspects of starting a new business is finding the capital that is needed to support your expenses as you begin to build up a revenue stream since it’s not always easy to ask friends and family for money to invest in a startup...
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The Top 4 Things That You Need To Know About The Trade War With China
The trade negotiations between the U.S. and China have been the center of the stock market’s attention for the past 6 months. One day it seems like they are close to a deal and then the next day both countries are launching new tariffs against each other. While many...
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How Much Emergency Fund Should You Have And How To Get There
How Much Emergency Fund Should You Have And How To Get There If you watched the nightly news during the latest government shutdown you would have seen stories about how people struggle when they aren’t getting a paycheck. Most Americans are not immune to having a set...
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STAR Property Tax Credit: Make Sure You Know The New Income Limits
The STAR Credit is a great way to reduce your property taxes in New York. If you are over the age of 65, it gets even better with the Enhanced STAR Credit. But you have to know the income limits associated with the credit otherwise you could unexpectedly lose...
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Why Do You Owe More In Taxes This Year?
“I thought there was a tax break. Last year I got a refund. This year, I owe money to the IRS. How did this happen and what do I need to change to fix this?” As more and more people file their taxes for 2018, the situation described above seems to be...
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How To Change Your Residency To Another State For Tax Purposes
If you live in an unfriendly tax state such as New York or California, it’s not uncommon for your retirement plans to include a move to a more tax friendly state once your working years are over. Many southern states offer nicer weather, no income taxes, and...
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Should You Put Your House In A Trust?
When you say the word “trust” many people think that trusts are only used by the uber rich to protect their millions of dollars but that is very far from the truth. Yes, extremely wealthy families do use trusts to reduce the size of their estate but there are...
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