What’s at the top of our to-do list this month and next? It’s time to take care of RMDs (Required Minimum Distributions) from your IRAs if you’re age 70½ or over, or are the beneficiary of an Inherited IRA. What’s the deal? We’ve already alerted clients who need to start their RMDs next year. There’s […]
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Sold Bitcoin? The IRS May Want To Talk To You
Sold Bitcoin or other digital currencies? Don’t be surprised if the IRS comes knocking on your door looking for any taxes due, says a recent Wall Street Journal article. The Internal Revenue Service is sending warning letters to more than 10,000 Bitcoin and other cryptocurrency holders, reports the Journal. It got their names from a popular […]
Florida Attracting Tax Refugees From Up North
More northerners in high-tax states are cashing in their real-estate chips to move to places like Florida, reports the South Florida SunSentinel. Real estate pros say “a steady flow of tax refugees” is heading to the Sunshine State from places like New York, New Jersey and Connecticut. Some real estate experts in the know claim that […]
Your Tax Picture Has Changed. How About Your Financial Strategy?
Last year, we had some major changes in the tax laws. As a result, many expenses that were deductible in prior years – like state taxes, mortgage interest, and professional expenses – are now totally eliminated or only partially deductible. So here’s an important question. Given those significant changes, have you given a once-over to […]
Understanding Your Taxes: Just What Is Form 5498 And What Am I Supposed To Do With It?
Some of our clients have been calling with questions about Form 5498, a tax reporting form they recently received 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 […]
Building Up A Better Tax-Free Nest Egg For Retirement
Tired of taxes? Can’t blame you. But sometimes it pays to start thinking ahead about successful strategies we can discuss before year-end to save you on your future tax bill, and help you beef up retirement assets you can access totally tax-free for years to come. What we’re talking about is getting more money into a Roth IRA account for […]
Don’t Be Late For A Very Important Date!
Don’t forget that your personal tax return is due Monday, April 15. If you don’t have time to get your tax information together, not a problem. Just make sure you or your tax preparer files an extension giving you more time to get it done. Your tax payments are still due on the 15th, even […]
What’s Behind The Tidal Wave Of Tax Form Corrections?
You were feeling so relieved. Your taxes were finally done and sent off to the IRS. But that feeling of relief lasted only a short minute, as soon as you returned home and found yet another corrected tax form waiting for you in your mailbox. Is there anything more aggravating? We can assure you that absolutely […]
Are You Getting Your Tax Money’s Worth In Florida?
Hate to pay taxes? Don’t we all. But wouldn’t you feel better knowing you and your community get the most in benefits compared to what you pay in? In WalletHub’s new Taxpayer Survey, researchers say Florida residents top almost all other states in getting their tax money’s worth back in benefits. In fact, compared to other states, […]
Don’t Overpay The IRS When Making Charitable Gifts
The one thing people never want to do is overpay Uncle Sam when they file their taxes. Unfortunately, that’s easy to do if you’re reporting charitable gifts made from your IRA (that’s a technique called a QCD or Qualified Charitable Distribution). We have several clients who used this technique last year as a way to […]
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About Mari Adam, CFP®
Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for twenty five years. Mari has appeared in publications such as Business Week, CBS MarketWatch, Wall Street Journal, Kiplinger’s, Newsweek, and Money Magazine.
