Posts tagged income tax
Celebrating 20 Years!
Celebrating 20 Years!

Since 2004, much has changed, but one thing has remained constant: our unwavering commitment to helping our clients. As we’ve matured and experienced life’s ups and downs ourselves, we’ve come to truly appreciate the value of the advice Beacon provides and the difference it makes for our clients.

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Company News, Financial Planning, Personal FinanceChip Hymiller, AIF®, CFP®financial planning, personal financial planning, Retirement Planning, investments, income tax
Preparing for Rising Tax Rates
Preparing for Rising Tax Rates

The current tax code is set to expire in 2026.  The article shows what has happened with tax rates since 2016 and what is scheduled to happen going forward until 2030. There are some notable changes beginning in 2026.

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Tax, Financial Planning, Charitable GiftingErin Campbell, CPA/PFS, CFP®financial planning, Personal Finance, distribution planning, Roth IRA, Roth Conversion, tax planning, income tax, Charitable Gifting, Qualified Charitable Distributions
The Rules are Changing (Again!) for Required Minimum Distributions
The Rules are Changing (Again!) for Required Minimum Distributions

The SECURE Act 2.0 altered the onset of Required Minimum Distributions (RMDs) from age 72 to age 73. However, the law made no change to the Qualified Charitable Distribution (QCD) rules. So, while a RMD is not required until age 73, a taxpayer over age 70 ½ is allowed to distribute directly from their IRA to their favorite charity and avoid taxation.

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Eldercare, Charitable Gifting, Financial Planning, Retiree, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®retirement distributions, distribution planning, Retirement Planning, tax planning, Charitable Gifting, income tax, required minimum distributions, Qualified Charitable Distributions
Inheriting an IRA? Know the Distribution Rules
Inheriting an IRA? Know the Distribution Rules

With the passage of the SECURE Act, distribution requirements for beneficiaries changed dramatically. Now, non-spousal beneficiaries are required to distribute the entire balance of an inherited IRA within 10 years! This could present an enormous tax burden for those beneficiaries.

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Estate Planning, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®distribution planning, IRA, Roth IRA, tax planning, income tax, beneficiary
Tax-Efficient Investing and the Importance of Asset “Location”
Tax-Efficient Investing and the Importance of Asset “Location”

Asset "location" - which types of investments should be held in which accounts -is different based on your stage in life. An accumulator and a retiree should have a different investment strategy.

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Investments, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®distribution planning, investing, investment planning, Personal Finance, tax planning, Roth IRA, income tax, market turbulence, Stock Market, diversification
Retirement Plans for Small Business Owners
Retirement Plans for Small Business Owners

Small business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden.

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Retirement Planning, Financial Planning, Mid Career Professional, Pre-Retiree, TaxChip Hymiller, AIF®, CFP®financial planning, Retirement Planning, Retirement Plans, tax planning, 401k, income tax, Small Business
Estate Planning with Roth IRAs
Estate Planning with Roth IRAs

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.

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Estate Planning, Retirement Planning, Tax, Retiree, Pre-RetireeChip Hymiller, AIF®, CFP®Estate Planning, IRA, Roth IRA, tax planning, distribution planning, required minimum distributions, Roth Conversion, income tax
CAA Provides Relief to Individuals and Businesses
CAA Provides Relief to Individuals and Businesses

The Consolidated Appropriations Act (CAA) offers many tax provisions to assist in the ongoing economic crisis. Many of the provisions affect not only the 2020 tax return but into future years as well.

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Charitable Gifting, Education, Financial Planning, Mid Career Professional, Pre-Retiree, Retiree, TaxErin Campbell, CPA/PFS, CFP®tax planning, Charitable Gifting, income tax, Small Business, college planning, Saving for College
Roth Conversion Instead of Required Minimum Distribution (RMD)?
Roth Conversion Instead of Required Minimum Distribution (RMD)?

With the passage of the CARES Act on March 27th, Congress eliminated IRA required minimum distributions (RMDs) for the year. This means that many taxpayers above the age of 72, or anyone who is taking inherited IRA distributions, will likely have quite a change in their taxable income in 2020. So, is it a good year to do a Roth Conversion instead?

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Financial Planning, Investments, Mid Career Professional, Pre-Retiree, Retiree, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®Roth IRA, tax planning, income tax, required minimum distributions, Roth Conversion
The CARES Act: An Overview
The CARES Act: An Overview

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Here is a brief summary of some of the major provisions.

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Education, Mid Career Professional, Pre-Retiree, Retiree, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®income tax, student loan, retirement distributions, required minimum distributions, Small Business, tax planning