Monthly Archives: November 2016


29

Nov 2016

Resources to Help Those Caring for a Loved One at Home

Being a caregiver can be overwhelming, particularly if you are juggling other responsibilities, such as working or raising a family. Knowing where to turn for help can make a difference — both in the quality of care your loved one receives and in lessening the stress and responsibilities on you. This article provides some of the resources you can turn to for help. If you...

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22

Nov 2016

Should You Convert to a Roth IRA?

Investors at any level of income can convert assets from a traditional IRA to a Roth IRA. This article explains the potential benefits and tax implications of a conversion. Whether an investor benefits from converting assets within a traditional IRA to a Roth account may depend on the amount of time he or she plans to leave the assets invested, estate planning strategies, and his...

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18

Nov 2016

Saving for a Large Purchase

Saving for a large-screen television? A new car? A real estate down payment? This checklist can help you reach any savings goal. Buying something on credit can be significantly more expensive than paying cash when you figure in the cost of borrowing the money for the purchase. Many people find that saving the money beforehand is a more efficient strategy. Here’s a checklist that can...

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15

Nov 2016

Ruling To Remember: The $425K Mistake

ROBERT K. AND JOAN L. PASCHALL V. COMMISSIONER OF INTERNAL REVENUE (No. 2; Nos. 10478-08, 25825-08, Decided July 5, 2011) Client Owes $425k; Should Have Realized CPA Firm’s Tax Deal “Too Good to be True” Robert Paschall, a married resident of California and an MIT graduate, worked for Rockwell International for his entire career until he retired in 1996. Early in 2000, Paschall paid Grant Thorton, a...

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10

Nov 2016

Four Things Parents Need to Tell Their Kids About Their Estate Plan

It’s interesting that as parents age, especially when they get to 70, they start thinking about their own mortality. They start to think about which of their kids are responsible, especially when it comes to money. Many parents are nervous to tell their kids about how much money they have or what’s happening with the family finances because they either don’t want to bother their...

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08

Nov 2016

Gifting-During-Life Strategy: Does it Make Sense For YOUR Family?

When it comes to estate planning, one of the primary goals is to transfer as much of a person’s assets to their intended beneficiaries at the lowest cost or, in other words, by paying the least amount of tax. Today, the federal estate tax exemption is $5,450,000 per person. It is also portable (can be transferred) between spouses, giving them a maximum exemption of $10,900,000...

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03

Nov 2016

Using a Tax Refund to Fund an IRA in 5 Easy Steps

What does the basic process entail? An income tax refund can be directly deposited to an IRA up to the annual contribution limit. The contribution limit is $5,500 ($6,500 for individuals age 50 or older) for 2014 and 2015. It can also be split among multiple accounts. #1 It is tax time! Prepare your tax return for the year. #2 Determine the refund amount. Once...

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01

Nov 2016

AVOID THE 50% RMD PENALTY BY ASKING THESE 10 QUESTIONS BEFORE YEAR-END

#1 Do I have an accurate inventory of all my retirement accounts? This may seem rather simple, but it’s absolutely crucial to maintain a record of all your retirement accounts. And that may be easier said than done. According to a 2012 Department of Labor study, Baby Boomers born between 1957 and 1964 held, on average, a staggering 11.3 jobs between the ages of 18...

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