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 [...]
A few weeks ago, the Trump administration released its tax reform plan. The one page document left lawmakers and taxpayers with more questions than answers. Here's what we know so far: Individual Tax Brackets President Trump proposes cutting the current 7 bracket system down to 3 tax brackets for individuals: 10%, 25%, and 30%. The [...]
If you are an independent contractor or self-employed you should receive a 1099-MISC from every client who pays you $600 or more during the year. You'll receive the forms by the end of January. Even if you earned less than $600, you still should report any gross income earned on your income tax return. The income [...]
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 [...]
The Free Application for Federal Student Aid (FAFSA) process can be confusing and overwhelming. Our resident FAFSA expert, Chris Bradford put together some helpful hints about the application, tax implications and the process to provide FAFSA information for you. There is no income cut-off to qualify for student aid and many factors are taken into account, including [...]
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