IRA Scenarios With Answers
Lets say you’re around 73 years old and still work full time, could you still contribute to your IRA?No you cannot. Contributions can’t be made to an IRA beginning the year you turn 70. There is no exception. What if you participated in a work place 401(k) could you contribute to an IRA then?Yes you […]
Donations Deductible
Charitable contributions are donations or a gift to or for the use by a qualified organization. It is voluntary and made without getting or expecting to get anything of equal value. Qualified organizations are nonprofit groups that are religious, charitable, educational, scientific or literary in purpose or that work to prevent cruelty to children or […]
Review Your Documents
Failure to review your retirement planning documents can be a DISASTER. It can really hurt your beneficiaries, this is a common mistake. Recently a client discovered that her new husband hadn’t updated his beneficiary forms for his retirement plans. Unfortunately the client didn’t find out until he passed away unexpectedly and a quick review of […]
New Law to Affect Refunds in 2017
The IRS has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season. The IRS is sharing information now to help the tax community prepare for the 2017 season, and plans are being made for a wider communication […]
RMD Basics
If you own or are the beneficiary of an IRA, 401(K) or other retirement plan, review this to avoid an RMD ( required minimum distribution) error. Failure to take at least the RMD amount each year results in a 50% penalty by the IRS ! Photo : https://www.flickr.com/photos/stevendepolo/5437288053 Source: www.irs.gov
Twitter Abbreviations
Twitter is the spot to read the odd mashup of abbreviations and acronyms. So here is a list of just a few abbreviations and acronyms you must know! We categorized them into three sections. Technical Twitter:•CC= Carbon-Copy•CX= Correction•DM= Direct Message•PRT= Please Retweet•RT= Retweet Industry Twitter:•EM= Email Marketing•FB= Facebook•LI=LinkedIn•SEO=Search Enginee Optimization•SM= Social Media•SN= Social Network Conversational […]
Senior Tax Deduction Tips
Reduce your income taxes each year by taking advantage of the deductions available! Medical & Dental Expenses. These expenses in general are one of the largest expenses for retired people. Good news is that some of these expenses are deductible. If your expenses included health insurance premiums, long-term care insurance premiums, prescription drugs, nursing home […]
