This is a very timely article by the WSJ about how people are using their retirement plans to provide liquid funds to pay billsuntil the economy recovers. There are tax smart ways to access dollars in your plan.
Tax Planning & Preparation
Minimize both your current and future tax liabilities.
- Should You Tap Retirement Funds in a Crisis? Increasingly, People Say Yes.
- Atlanta advisor John L Mills Tax Centers of Georgia interviewed in Detroit during 1200 point stock market drop
- New Higher Retirement Plan Contribution Limits for 2017
- IRS Secret Gift to Business Owners
- Why You Should Love Your Stinkers
- Time to Give, but Also Receive (from Uncle Sam)!At the end of the year the Salvation Army red kettles come out, the bells ring and the charitable organizations turn up their activities for fundraising, hoping to appeal to the holiday spirits of people, and in some cases the tax planning needs of businesses and corporations as well! Speaking of charitable giving and tax […]
- Happy Thanksgiving!From our family to yours, have a safe and happy holiday weekend!
- It’s Stock Loss Harvesting TimeMany investors have had success this year, which might mean that capital gains tax reporting is on it’s way to their 2021 tax returns. If you own stocks you love and you didn’t sell this year, then you have no tax issues, so no problem for the direct buy and hold group. However, many people […]
- The 2022 Tax Code Adjustments Are Out…But Are They Reliable?The Journal of Accountancy has released these 2022 tax rates from the IRS: The 2022 standard deduction will be $12,950 for single taxpayers (and married individuals filing separate returns), $25,900 for married taxpayers filing jointly, and $19,400 for heads of household, which for 2021 are $12,550, $25,100, and $18,800, respectively. Other changed amounts for 2022 […]
- “Don’t Let the Tax Tail Wag the Dog!” Can Be Bad AdviceIn the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs. Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant […]