With the changing of the year, it is important to review your retirement savings strategy. Here are the 2014 contribution limits for the most common types of retirement plans.
Through hard work and sound financial planning, some find themselves in situations in which they are contemplating intra-family financial planning. That is, identifying financial planning techniques that can be used to financially strengthen the next generation—children and grandchildren.
The Affordable Care Act (also known as “Obamacare”) was signed into law in 2010, but many of the provisions do not commence until 2013 and beyond. So, what does that mean for you? In this article, we will explore the new health insurance mandate and specifically, how it may impact your income taxes.
When taking withdrawals from your investment portfolio during retirement, making tax-efficient decisions can save you thousands. Find out how…
This one page document compiled by the NC Association of CPAs, compares various tax reform bills that are currently being debated by the NC legislature. To find out more, go to www.TarHeelTaxReform.com.
This video discusses several important reasons why tax planning is such an integral component of the financial planning process.
When it comes to structuring a tax-efficient investment portfolio, we believe it is important to consider “asset location.” That is—which types of investments should be held in which accounts?
For the last several weeks, the media spent a great deal of time covering the fiscal cliff and the upcoming changes in the tax code. At the eleventh hour, Congress passed the American Taxpayer Relief Act of 2012 that seeks to solve some of the tax questions that have been hanging over our heads for the last several months.
The News & Observer recently interviewed Chip Hymiller, CFP® to ask his opinion about the Fiscal Cliff and what it could mean for investors. Click here to read his response.
Do you want to take control of your finances? If so, find out what you need to do now to begin making progress toward your financial goals.
How do you track the cost basis on investments held in your taxable portfolio? What portfolio accounting method does your broker, custodian or advisor report to you or your CPA? This is a decision that, for some investors, can save thousands of dollars in taxes and ultimately make a significant difference in a portfolio’s after-tax rate of return.
Roth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.
We often receive questions about how long certain financial records should be retained. The IRS, through Publication 552, offers some guidance with regard to recordkeeping for individuals. Their recommendations are based on the following deadlines:
With the belief that tax rates are likely to rise over time, many people are considering the merits of converting their traditional IRAs into Roth IRAs. Here are a number of considerations that may impact your decision.
During retirement, is it best to take distributions from IRAs, Roth IRAs or personal brokerage or savings accounts? The decision of “Which account?” is an important one with many factors to consider.
Well, Congress finally enacted the tax reform bill that many have been anticipating for some time. In general, the new law extends the Bush-era tax cuts for two years and provides taxpayers with some certainty during this period. While this comprehensive piece of legislation covers many aspects within the tax code, here is a summary of some of the major points.
As the year winds down, it is always a good idea to review your tax situation to determine if there are ways to reduce your tax liability. However, the uncertainty surrounding many tax changes is proving to make 2010 a very difficult year for tax planning. Here are several items that may warrant consideration prior to the end of the year:
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