Individuals who own company stock in an employer-sponsored qualified retirement plan may be able to benefit from an Internal Revenue Service (IRS) tax rule that provides an additional distribution option for such a holding. According to Vanguard’s 2014 research on nearly 1,500 qualified plan sponsors, 15% of all plan participants utilize company stock in their employer’s qualified retirement plan. Continue reading “Net Unrealized Appreciation — Your Options”
One of the most important components of financial planning is ensuring a sound plan is in place for the transfer of an individual’s estate upon their passing. Several changes have been (and continue to be) made to federal and state laws that govern the transfer and subsequent taxation of estates in the United States, leaving many people feeling overwhelmed by the sheer complexities that exist. Continue reading “Estate Tax Versus Inheritance Tax — What’s The Difference?”
The cost of education is rapidly increasing. With student loan debt now being the second highest consumer debt category, trailing mortgage debt, the stakes of college planning are high and there is not much room for error. Here are some common mistakes that parents make when planning for their children’s college education.
Continue reading “Top 5 Mistakes People Make in College Planning”
Tax season is here and the deadline is quickly approaching. Scores of Americans are gathering their documents in preparation and accountants are working overtime to make sure that everything is in order for their filings. It is during this preparation that investors often find out that their IRAs have contribution limits and exceeding those limits can be a costly error.
Continue reading “Dealing with the Fallout of Excess IRA Contributions”
New Jersey is a very expensive place to live. The property, state and local taxes are among the highest in the nation. New Jersey is one of only sixteen states that still have an estate tax and only one of six states that still have an inheritance tax. Continue reading “Long-Awaited Tax Changes in New Jersey”
There are some significant changes to the Social Security program this year which you should be aware of, particularly if you are thinking of retiring soon or already have. One of the most important components of an individual’s retirement plan is the opportunity to receive monthly income from the Social Security program. Over 65 million people received benefits from programs administered by the Social Security Administration (SSA) in 2015. Continue reading “Changes to Social Security”
As of May 2016, two popular social security claiming strategies are being eliminated due to the Bipartisan Budget Act of 2015, signed into law by President Obama. These two popular strategies for married couples are known as “File and Suspend” & “Restricted Claims/Application”. Continue reading “Social Security Options Changing for Married Couples”
There are many ways to potentially reduce your tax burden. Here are three tax planning concepts that you should be familiar with. Continue reading “3 Tax Planning Concepts”
Every year, the Internal Revenue Service (IRS) announces cost-of-living adjustments that affect contribution limits for retirement plans, thresholds for deductions and credits, and standard deduction and personal exemption amounts. Here are a few of the key adjustments for 2015.
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. Continue reading “10 Basic Tax To-Dos”
