Recently, the Internal Revenue Service (IRS) has shifted its focus towards a particular type of business structure known as “pass-through” entities. This move ensures that high-income earners are held accountable for their…
Category: Tax
Understanding Non-Deductible IRAs and Their Distinctions from Roth or Traditional IRAs
Is it logical to finance an individual retirement account (IRA) when it doesn’t offer a tax deduction? Many individuals who aren’t eligible to fully finance a deductible IRA or Roth IRA miss…
Why Paying Off Your Mortgage Before Retirement Offers Numerous Benefits
As retirement approaches, financial planning becomes crucial for individuals looking to ensure a comfortable and stress-free post-work life. Among the many factors to address, whether to pay off your mortgage before retiring…
The Great Business Betrayal: Why Your Buy-Sell Agreement Might Be a Trap
A buy-sell agreement is essential in business succession planning, especially for small businesses with multiple family groups involved in ownership. These agreements are relevant for corporations and limited liability companies (LLCs). They…
Unlocking the Truth About After-Tax 401(k) Accounts
The 401(k) retirement plan has evolved significantly over the years, providing American workers with various ways to save for their golden years. Among these options, the after-tax 401(k) contributions stand out as…
Fed Up with Low 401(k) Returns? Discover the Annuity Rollover Revolution
Understanding your choices for handling a 401(k) from a previous job is crucial. While cashing out may seem attractive, it’s typically associated with substantial taxes. Instead, most opt to roll their funds…
New Study Reveals the Surprising Best State to Retire In – You Won’t Believe the Result
The recent findings from a new Bankrate study challenge the conventional wisdom of retiring in sunny Florida, suggesting instead that a Midwestern state might offer better financial prospects for retirees. While warm…
Is IRS Notice 2023-55 About to Shake Up Your Retirement Finances?
The Internal Revenue Service (IRS) recently unveiled Notice 2023-55, which could significantly impact your retirement finances. This Notice provides temporary relief to taxpayers, helping them determine the credibility of a foreign tax…
Florida Retirement Nightmares: The Untold Dangers of Jaws, Hurricanes, and Inadequate Home Insurance
Florida, known for its sunny beaches and retirement-friendly communities, is a popular destination for many who decide to enjoy their golden years. However, homeownership in the Sunshine State can be challenging, especially…
From Tax Brackets to Peace of Mind: Crafting the Perfect Emergency Fund for Retirees
Financial security is a fundamental goal of retirement, and a critical part of this security is having a well-planned emergency fund. Regardless of your tax bracket, these funds can provide a safety…
