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”
With the end of 2013 on the horizon, now may be an ideal time for business owners to review their tax strategies. If you’re a business owner, here are just a few points to consider as you get ready to file your return. Continue reading “Year-End Tax Tips for Small Business Owners”
As the end of the 2013 tax year approaches, set aside some time to evaluate your situation. Here are some things to keep in mind as you consider potential year-end tax moves.
1. The tax landscape has changed for higher-income individuals
Your life insurance needs may change without you even realizing it. You may have purchased life insurance years ago, and never gave it a second thought. Or, you may not have life insurance at all–and now you need it. When your life circumstances change, Continue reading “Time to Review Your Life Insurance Needs”
