Our clients are just getting used to the idea that they don’t need to start Required Minimum Withdrawals (RMDs) from their IRA and retirement accounts until age 72. And guess what? Congress is at it again. The powerful Ways and Means Committee in the House of Representatives is working on Secure 2.0 (full name – […]
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IRS Hiring Woes Mean Continuing Tax Backlogs
Missing your tax refund? It’s all too easy to understand why. Hiring challenges, the COVID pandemic, broken printers and copiers, and millions of stimulus payments to be mailed have created unprecedented backlogs at the Internal Revenue Service. The crisis at the IRS explains in part why the Biden administration is seeking $80 billion in new […]
An Extra Month To Finish Your 2020 Taxes: Tax Deadline Postponed From April 15 to May 17, 2021
As baseball great Yogi Berra reportedly said, “It’s deja vu all over again.” In a repeat from last year, the IRS just announced it’s postponing the federal income tax deadline from April 15 to Monday, May 17, 2021 to give tax preparers and taxpayers extra time to absorb the new tax regulations contained in the […]
Making Qualified Charitable Distributions (QCDs) From Your IRA? Don’t Drop The Ball On Tax Reporting
Making charitable gifts from your IRA is a truly tax-smart idea for many people 70½ and over. Each year, we work with an ever-growing number of clients making charitable gifts from their IRA so they can maximize their tax savings, reduce their taxable income, and of course support their favorite charities. There’s just one thing […]
5 Things You Need to Know About RMDs for 2021
Summary If you are retired or nearing retirement, you’ve undoubtedly heard about required minimum distributions, which are the minimum amounts you must withdraw from your individual retirement account (IRA) and other retirement accounts, like your 401(k). It’s the government’s way of making you cash in a portion of your retirement savings each year, helping to […]
What It Costs To Retire Comfortably In Every State
Wondering whether it makes sense for you to relocate when you retire? Many clients dream about moving to a place where the pace is slower, taxes are lower, and the family is closer. Reporters at 24/7 Wall Street and USA Today looked at how far your dollars will stretch in each state. Generally, they conclude, […]
Your Tax Reporting In The Mail Soon
It’s that time again! In preparation for the 2020 tax reporting season, here’s when to expect key tax mailings: Retirement Accounts: If you withdrew funds from your retirement, pension or annuity accounts in 2020, or received account distributions, you will be receiving Form 1099-R. If you made Qualified Charitable Distributions (QCDs), or gifts made directly […]
Americans Keep Moving To Florida, A Top Relocation Destination
No surprise here. Census data show that Florida remained the second most popular relocation destination in the United States for the 2010-2020 period (Texas garnered the top spot). Almost 3 million people relocated to Florida during that time frame. And in fact, the true number may actually be higher once data are updated to reflect […]
Tick, Tock. That’s The Sound Of Time Running Out On These 5 Smart Year-End Tax Moves
Tick, tock, tick, tock. Do you hear it? That’s the sound of time running out. But there is still time for a few smart year-end tax moves that can save you money. Here’s 5 great tax strategies to consider before year-end that can slash your tax bill: Max out your deductions by funding workplace retirement plans. The […]
Reduced RMDs Coming Your Way … But Not Until 2022
Here’s some good news for people nearing or already in retirement! In the future, you will be required to take less money from your retirement plans, but the new rules won’t take effect until 2022. That’s right. Required Minimum Distributions (or RMDs) will be heading downward starting in 2022, as the IRS recognizes that longer life […]
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About Mari Adam, CFP®
Mari Adam, Certified Financial Planner™ has helped hundreds of individuals and families build wealth and plan for a more secure financial future for over 30 years. Her advice has appeared in publications such as Wall Street Journal, Kiplinger’s, Money Magazine, Business Week, and CBS MarketWatch.
