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
via GIPHY 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. […]
Roth Conversions and Back Door Roths: What To Know Before It’s Too Late
The headlines are scary. Are Roth conversions going away? Should you rush to convert now before it’s too late? Is this the end of backdoor Roths? And what is a backdoor Roth anyway? In all fairness, the headlines are confusing and are running a few steps ahead of reality. Keep in mind that, when it […]
What’s On Our Fall “To Do” List
It’s fall, and the leaves are changing color for our friends up north. Here in Florida, it’s still hurricane season (until November 30) which undoubtedly means more rain and a close eye on the tropics for another two months. As we enter the last quarter of the year, here’s a quick rundown of what is […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 – […]
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.
