The difference between a big tax bill at the end of the year and a rebate often comes down to two very important steps. For the self-employed, rebates require proper planning throughout the year, making sure you’re paying (without overpaying) the IRS every quarter. Second, it demands that you’re taking the right exclusions, deductions and
Retirement
In May 2021, psychologist Anthony Klotz coined the phrase “The Great Resignation” to describe the record amounts of workers quitting their jobs after reevaluating their roles during the pandemic (cnbc.com, January 2022). Last year, on average, 3.98 million workers quit their jobs each month, the highest average on record since the Bureau of Labor Statistics
Some people who are still working after age 72 can delay required minimum distributions (RMD) from their 401(k)s, but there are important limitations. RMDs from your company’s 401(k) can be delayed until April 1 of the year after “the calendar year in which you retire from employment with the employer maintaining the plan,” according to
Parents often want to be fair with their adult kids and may want to appoint them together on legal documents when they do their estate planning. That means that the adult children will have “equal decision-making ability” on things like the Power of Attorney for finances or the Advance Healthcare Directive (aka power of attorney
Women may think about retirement as not working, rather than focusing on what it means to be financially free in retirement. Many women have thought about a day when they would not need to work a nine-to-five job but hold on to traditional ideas about retirement planning. For example, they ask themselves: Shouldn’t I take
First a pint. Then a round, or two, or a few – add an order of fish & chips – and you have the makings of a fun evening with friends at the local pub. This is pub life. Pints and fish & chips aside, place matters. Where we live, and the nearby neighborhood places
If the past few years have taught us anything, it is that if you put something off for too long, you may not have the chance to do it in the future. Many people are heeding that advice these days by changing jobs, getting divorced and buying homes. It is no different with estate planning.
The IRS issued IR-2022-69 on March 25, 2022, in which they reminded owners of retirement accounts that some must take their 2021 required minimum distributions (RMDs) by April 1, 2022. The language in IR-2022-69 referred to reaching age 72 after June 30, 2021, which caused some confusion. The confusion was because the new rule of
Most of us know someone who has memory loss issues. Maybe we know someone who has cognitive impairment or dementia. What we don’t always see is how these issues affect the spouse of the impaired person. The caregiver role can turn into something no one anticipated. At the earlier stages of diseases that show up
For the first time since 2012 the IRS has updated the life expectancy tables that serve as the basis for calculating the Required Minimum Distribution (RMD) for retirement accounts. The new tables reflect a longer life expectancy, and therefore have extended the distribution period which will lower the annual required minimum distribution. The actuarial calculations