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Ask Mari: I Just Sold My House. Do I Owe Taxes?

Home prices are on fire in South Florida and elsewhere. No wonder several of our clients are taking advantage of sky-high real estate valuations to sell. But once you sell, could some of that money be owed to the IRS for taxes? That’s one of the most common questions our clients are asking. Here’s a […]

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Retiring? Avoid This Big 401(k) Rollover Mistake

Three-quarters of retirees “de-risked” their portfolio by reducing stock exposure when they quit working and rolled their workplace 401(k)s to an IRA. The de-risking dilemma That may seem like a good idea. But unfortunately, in some investment environments, making big, sudden changes to your fund mix at retirement can be a major mistake, according to […]

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Quarterly Tax Estimates Due September 15

Do you owe quarterly estimated taxes? Many of our clients do. You may need to submit taxes quarterly if your tax withholding is not sufficient to cover total taxes due, or you receive investment, retirement or other income not subject to withholding. A quick reminder that your next quarterly tax estimates are due Wednesday, September […]

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More Wealthy Investors Consider Relocating to Low-Tax States

The growing tax burden at the state and local level is getting the attention of wealthy investors, and not in a good way. Years ago, only about one-quarter of high-net-worth investors contemplated relocating and changing their residence to low-tax or no-tax states to cut their tax bill. Now, that number is almost one-half, says the […]

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Understanding Your Taxes: Just What Is Form 5498 And Why Are They Sending It To Me?

Understanding Your Taxes: Just What Is Form 5498 And Why Are They Sending It To Me?

Some of our clients have been calling with questions about Form 5498, a tax reporting form they recently received online or in the mail. If you’re the kind of person who likes to understand how things work, or are curious as to why you’re receiving this form long after the tax deadline, here’s the inside scoop: Does everyone […]

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Congress Proposes To Raise RMD Age ….. Again

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 […]

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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 […]

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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 […]

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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 […]

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