Year: 2024

Hurray! Another tax season has come and gone.  But wait... here's some more tax information to ponder.  When it passed in 2017, the Tax Cuts and Jobs Act (TCJA) was the largest overhaul to the U.S. tax code in decades. The clock is now ticking on the law’s many temporary provisions, which are scheduled to sunset at the end of 2025 unless Congress intervenes.  Some of the changes are good news, but it's bad news for most people. Click the following link for more details:

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We’ve all made a few money mistakes we wish we could take back. However, some financial mishaps are costlier than others, and they can have a lasting impact on your financial health.  April is National Financial Literacy Month - a perfect time to consider some common financial regrets and recommended actions to avoid them.  Here's an article that I believe is spot on with the 5 biggest problem areas.

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An IRA offers a tax-advantaged way to save money for your retirement. You must start taking a required minimum distribution (RMD) once you are age 73 (the RMD age was 72 from 2020 -2022 and was age 70 1/2 in prior years). Generally, distributions from an IRA are taxable as ordinary income. What if you don't need the money and don't want to pay the tax on the extra income? The rules are a bit complicated when a non-spouse inherits an IRA, but the entire account must generally be distributed to the beneficiary within 10 years, which may also be undesirable from a tax standpoint. In these situations AND if you are charitably-inclined, making a Qualified Charitable Distribution (QCD) out of your IRA or leaving your IRA to charity, including a Donor Advised Fund (DAF), may be appropriate. Keep reading for more detail on these strategies.

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It is that time of year to consider making an IRA Contribution. You have until April 15, 2024 to make a contribution for 2023. You can also make your 2024 contribution at the same time. Keep reading for more details.

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If you recently retired from a high-paying job, you may be surprised at the cost of your Medicare premiums. That’s because high-income earners pay more for two different monthly Medicare premiums.  An income-related monthly adjustment amount, or IRMAA, is an extra Medicare cost added to your Part B and Part D premiums. The Social Security Administration determines whether you’re required to pay an IRMAA based on the modified adjusted gross income reported on your IRS tax return from two years prior. You can appeal an IRMAA in two situations: a life-changing event reduced your income or if your tax information needs to be corrected.  Keep reading for more information.

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Here is an article meant to help small business owners manage their employees more effectively but I think it is more useful for employees.  It is the rare boss that will acknowledge his/her own behavior shortcoming and seek to change. Both your career trajectory and sanity are very dependent on your boss.... so if you see any of these 7 traits in your boss, it is probably best to find a new job!  Click below for detail on these traits.

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The Corporate Transparency Act (CTA) went into effect January 1, 2024. Many US business entities are now required to provide personal information of its beneficial owners to the Financial Crimes Enforcement Network (FinCEN https://www.fincen.gov/), a division of the US Treasury Department. The purpose of the CTA is to combat money laundering, terrorist financing, and other financial crimes by creating and maintaining a central database of the beneficial owners of legal entities.  Affected business entities, known as "reporting entities", include some corporations and most limited liability companies (including single member LLCs) and limited partnerships. Entities created for estate planning purposes, such as LLCs that own real estate or other investments, will also need to file. Trusts that own at least 25% of a reporting entity will also need to file. Since so many entities are required to report to FinCEN and there are deadlines and penalties for failure to file, this is a BIG DEAL.  I recommend that you contact your accountant or attorney for more information. Click below for more detail.

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It's time to set some goals for the New Year and getting more productive can certainly be on your list. Making small changes to help get stuff done doesn’t have to be complicated. This article includes seven simple tricks that you can try as soon as you’re finished reading this... and their effectiveness is backed by science! Click to read more.

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