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Taxes All Done? Here’s When It’s Safe To Shred Those Receipts

Congratulations! Your 2021 taxes have been filed. So, is it safe now to throw away all those receipts, statements, and confirmations? Kiplinger reporter Rivan V. Stinson explains in a recent article what you need to keep, and what it’s safe to shred. “Generally, the IRS has three years from the date you file to audit your […]

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Record Number Of Floridians Starting New Businesses

The trend toward self-employment and away from working for someone else, part of the so-called ‘Great Resignation,’ was very strong in 2021. In the Sunshine State, Floridians set new records in 2021 for opening new businesses, filing 683,680 new business applications, the highest of all 50 states. Small businesses are very important for the economy. They […]

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Want To Save On Taxes? Make Time To Fund Your 2021 IRA Before It’s Too Late

We’re getting closer to the April 18, 2022 deadline for filing your 2021 taxes and funding your IRAs or Roth IRAs for 2021 (that’s last year). The maximum amount you can contribute to your IRA for 2021 is $6,000 or 100% of taxable compensation ($7,000 if you turned 50 by the end of last year). That’s the same […]

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Ask Mari: Why Aren’t My RMDs Going Down In 2022?

Question: I thought retirement account RMDs (Required Minimum Distributions) were going down in 2022 thanks to a new and more favorable RMD table. But when I looked at my 2022 RMD required withdrawal amount, I saw it is higher than last year’s. What’s up with that? Answer: You’re not imagining things. Yes, the RMD calculations […]

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It’s Time To Bump Up Your 401(k) Contributions

Still working? Before another pay check goes by, make sure to bump up your 401(k) contributions to reflect higher 2022 contribution limits. Putting more into your 401(k) helps get you ready for retirement and cuts what you owe to the IRS (and who doesn’t like that!). Depending on the type of plan you are offered […]

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Don’t Forget! Quarterly Tax Estimates Due January 18

Do you pay quarterly estimated taxes? Many of our clients do. You may need to submit taxes quarterly if your tax withholding throughout the year is not sufficient to cover total taxes owed, or if you receive investment, retirement or self-employment income not subject to withholding. A quick reminder that your next quarterly tax payments are due Tuesday, […]

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How To Minimize Taxes On Those Retirement Distributions

Once you turn 72, you need to start withdrawing money from your retirement accounts. When that time comes, do you know the secrets to managing and actually cutting your retirement tax bill down to size? We do, so we were thrilled to share tax trimming tips with veteran report Sandra Block as she put together […]

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CNN Business: Will Congress Kill The Backdoor Roth IRA?

You may have heard that some folks in Congress are threatening to squash the so-called ‘Backdoor Roth IRA,’ as the legislature debates passage of the Build Back Better bill, a multi-trillion dollar social welfare and spending proposal. What exactly is the Backdoor Roth IRA? For a quick overview, check out our recent blog story about Backdoor […]

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Act Now To Increase Your Retirement Contributions For 2022

If you are still working, you should act now to increase your retirement contributions for 2022. Contributing to your accounts can provide you with valuable tax deductions, cut your ultimate tax bill, and help stormproof your future retirement nest egg by providing a cushion for uncertain times. The IRS just released the new contribution limits […]

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White House Tax And Spending Bill Takes Final Shape

Big sigh of relief! The White House has just released the $1.75 trillion framework for its social and climate-related Build Back Better plan and clients will be relieved to hear that, as of now, it does not contain the disruptive tax, retirement or estate tax measures that they may have been fearing. One caveat. Let’s […]

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