Retirement

Just Inherited an IRA? Proceed with Caution!

We've posted several articles about IRAs (here, here and here) and have another one for you today! When an IRA account holder dies and the IRA becomes part of an estate, there are several complicated, inflexible rules that determine how and when distributions can be made. Working with a competent advisor can help survivors avoid [...]

How are Retirement Distributions Taxed?

Retirees may have distributions from several kinds of retirement accounts, but these distributions are not all taxed the same at the federal level. The federal tax treatment of retirement distributions depends on the type of retirement account.  Today, we'll compare several types of retirement accounts and the federal tax effect of each. Employer Sponsored Accounts [...]

Tax News You Can Use

No major changes for the year, but keep these thoughts in mind as we near the end of 2015. Congress is expected to revive key breaks including bonus depreciation to allow writing off 50% of cost of qualifying assets put in service this year. The higher ceiling on expensing assets is likely to be reinstated. [...]

IRA Contributions

A "close to retirement" IRA question Q:      I retired from my full time job in 2013 but I plan to keep working part-time for at least a three or four more years.  How much can I deduct in an IRA contribution? A:       A tax accountant’s favorite answer: it depends!  Generally, for 2013 and 2014 you [...]