How the CARES Act has Changed RMDs for 2020
Here is what you need to know about delaying required withdrawals from a retirement account until 2021.
Here is what you need to know about delaying required withdrawals from a retirement account until 2021.
Coupled with the upcoming presidential election, small to mid-sized business owners are faced with a slew of financial decisions that could impact the wealth of their business and the legacy they leave to their successors.
For many older adults, claiming Social Security early would be a big mistake. It was a mistake made by many older workers, who lost jobs in the Great Recession.
How much you will pay in taxes on an individual retirement account (IRA) withdrawal, depends on the type of IRA, your age and the purpose of the withdrawal. Sometimes the answer is zero—you owe no taxes. In other cases, you owe income tax on the money you withdraw and sometimes an additional penalty if you withdraw funds before age 59½. On the other hand, after a certain age, you may be required to withdraw money and pay taxes on it.
Here are the highlights of the most recent tax changes found in the $2 trillion coronavirus relief bill, which the Senate has approved, and the House recently passed.
Life insurance may play a vital role in an estate plan, because insurance proceeds can be counted on to provide liquidity when it’s needed.
The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic.
Estate planning attorneys start to see the same common mistakes in estate planning. Some are obvious estate planning mistakes while others are more complex or
Treasury Secretary Steven Mnuchin announced Friday that the administration has moved the IRS deadline for filing taxes from April 15 to July 15 due to the disruption caused by the coronavirus.
The contributions you make to your individual retirement account (IRA) are intended to supplement your income during your retirement years. However, as much as you’d like to let your IRAs remain untouched until retirement, unforeseen expenses may force you to withdraw some of those assets early.