Social Security is a federal benefits program that provides retirement, disability, and survivor income to eligible Americans. While it may be a modest part of the overall retirement income picture for many individuals, understanding how it’s calculated and indexed is essential for effective planning.
IRAs have become an increasingly popular tool among Americans when saving for retirement. By way of contributions, conversions, and direct rollovers, IRA assets totaled $14.3 trillion as of March 2024 (NerdWallet). While opening the account and making a contribution has been made simple by a number of different custodians, it is much harder to navigate the complex rules regarding which type of IRA to contribute to, what you should be invested in, and when you can distribute your money. Here are 12 common mistakes to avoid when managing your IRA.
One of the most important decisions that small business owners face is selecting the right type of business entity. There are many options available, such as sole proprietorships, partnerships, limited liability companies (LLC), and corporations. The type of entity you select will affect everything from your day-to-day operations to the amount of liability you are exposing yourself to. This article will evaluate the pros and cons of each option in order to help you determine which structure would suit you and your business the best.
With the holiday season quickly approaching, it is the perfect time to start planning your family gatherings, shopping list, and most importantly your budget. Having a plan and sticking to a budget can help you to avoid buyers remorse as you enter the new year and look back at how quickly your holiday expenses have added up.
When determining your eligibility for a variety of deductions, credits, and retirement plans, you will often come across terms such as AGI, taxable income, and MAGI. Let’s explore what each of these terms mean, how to compute them, and why they matter.
When planning for retirement, tax-advantaged accounts are some of the most common tools that individuals utilize as a vehicle for achieving their long-term goals. This includes IRAs, 401(k)s, 403(b)s, and non-qualified annuities. Each of these accounts have their own unique benefits and limitations, but one thing they all have in common is that they require you to reach age 59 ½ before being able to take penalty-free distributions. However, Section 72(q)/72(t) of the tax code provides a distribution method that will allow you the flexibility to draw on those funds, penalty-free, before the age of 59 ½.
There are two main methods that can be used to make charitable donations, and each offers its own unique tax benefit. In this video, we’ll explore the differences between utilizing a donor-advised fund and making a qualified charitable distribution.
When searching for gifts, decorations, and other festive items, keep these helpful tips in mind to ensure that your spending doesn’t become more than you can handle.
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