With another tax season coming to a close (on April 18th unless you filed for an extension), it may be a good time to look ahead at the remainder of the year and consider making adjustments to the various items that will affect next year’s tax return. As such, B&C Financial Advisors has compiled an …
Continue reading “2022 Tax Rates, Schedules, and Contribution Limits”
There are different stages you go through in life: the young working individual just starting their careers, the vetted professional with a family, and the retired individual who needs to make sure their retirement savings will fund their remaining years and potentially provide an inheritance to their heirs. During each phase of life, there are …
Since the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019, a whole slew of changes surrounding retirement accounts has come into existence (we summarized some of those changes here). One such change is the elimination of the “stretch IRA,” or the ability of the beneficiary of …
Continue reading “Strategies for Distributing an Inherited IRA Under the SECURE Act”
As we discussed a few months ago, the federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, in response to the global pandemic that continues to afflict our economy. One way the CARES Act provided relief for individuals was by waiving the annual obligation to distribute a portion …
Continue reading “IRS Issues Further Guidance on 2020 Required Minimum Distributions (RMDs)”
In an effort to mitigate the effects the ongoing COVID-19 pandemic is having on Americans in every sector of the economy, the federal government signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. While this historic bill approves a $2 trillion emergency stimulus package aimed at providing broad …
by Adam Oerther, CFP® One employee benefit companies often use to attract and retain talent in the workforce is access to a retirement plan, such as a 401(k), 403(b), or SIMPLE IRA plan. These types of plans allow you to make pre-tax contributions, which not only lower your taxable income for the year but also …
by Sean Guldi, CFP® It is all over the news – Congress and the Trump administration are busy attempting to enact a large-scale overhaul of the tax code. Uncertainty abounds with respect to the details, and there is still a chance the overhaul does not make its way through both the House and the Senate …
No matter your political leanings, paying taxes is a fact of life and an integral part of modern society. However, the federal government recognizes many different tax-advantaged strategies that lower your tax bill when the time to file comes around each year. This article will focus on a few of the more popular of these …
by Sean Guldi, CFP® It’s that time of year again – Open Enrollment Season. Many of you work for larger companies who provide cafeteria-style plans with a plethora of options. Some of you may be self-employed individuals finishing up your tax filings on extension and reviewing insurance options for the coming year. Those of you …
This time of year, most everyone is busy preparing and filing their tax returns. While this is a painful process for some people, B&C Financial Advisors does our best to manage taxable gains in our clients’ taxable portfolios. When you invest money wisely, you are likely to create capital gains and income. Capital gains and …