IRS Allows Self Certified Rollover Waivers - New Waiver Procedure Approved

The penalty for failing to complete an IRA or a plan rollover in time can be severe. Unless you obtain a waiver from the IRS, the transfer is treated as a taxable distribution even if the failure is inadvertent. However, a new ruling provides some taxpayers with relief.

Continue reading
1180 Hits
0 Comments

Have You Designated Your Beneficiaries? - A Key Component of Estate Planning

Most of us lead hectic lives, but as part of an estate plan, it is important to take time to designate or update beneficiaries for all your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.

Continue reading
1192 Hits
0 Comments

How to Bridge the Retirement Gap - Making up lost ground quickly

What is your greatest financial fear? For some people, it is outliving their retirement savings. Besides the inherent volatility of economic markets and concerns about the viability of Social Security in the future, you may not have been able to save enough to secure a comfortable retirement. As things stand now, you may be afraid you will face a retirement “gap.”

But all is not lost. First piece of advice: Don’t panic. Even if retirement is imminent, you may be able to make up lost ground quickly or take other steps to protect yourself. Next, here are several practical ideas to consider.

Continue reading
3198 Hits
0 Comments

IRS Issues Warnings on 2016 Tax Scam - Avoid schemes on new “Dirty Dozen” list

As evidenced by the list of the "Dirty Dozen" tax scams recently released by the IRS, the tax swindlers are getting smarter every year. Here is a summary of the 12 notorious scams to watch out for in 2016.

Continue reading
1764 Hits
0 Comments

Four Basic Baskets to Interest Expense - Divide Interest into these Categories

Are interest expenses deductible? The answer is a complicated “yes and no.” Essentially, it depends on the type of interest expense incurred. Although there are technically other types, interest expenses can be lumped into four main baskets for tax purposes.

Continue reading
1788 Hits
0 Comments