by George Simpson | Jun 23, 2020 | Business News
Flexible Savings or a Health Savings Account? Flexible Savings Accounts (FSAs) and Health Savings Accounts (HSAs) allow you to contribute pre-tax dollars from your salary. You can use this money to pay for medical care and other qualifying expenses. They are not...
by George Simpson | May 29, 2020 | Business News
CARES Act Waves Required Minimum Distributions (RMDs) Individuals required to take minimum distributions from their retirement accounts every year can disregard them for 2020. This includes IRAs, 401 (k) and 403 (k) plans. The waiver includes indi-viduals who turned...
by George Simpson | Apr 29, 2020 | With Your Family in Mind
Coronavirus Taxes and Your Investment Strategy The Internal Revenue Service has extended the deadline to file and pay federal income taxes to July 15, 2020 due to the financial impact of COVID-19. In addition, you can obtain up-to-date information for taxpayers via...
by George Simpson | Mar 25, 2020 | Business News
The IRS Wants More of Your Future Inheritance Money Beginning in 2020, beneficiaries of an IRA, Roth IRA and other qualified plans will be limited to 10 years after the owner’s death to withdraw all of their money from their inheritance accounts. Moreover, this can...
by George Simpson | Feb 25, 2020 | Business News
Minimize How Much Tax You Pay By Tax Planning The purpose of tax planning is to reduce your tax liability. Effective tax planning can lower your tax obligations through deductions, allowances, exemptions, and exclusions. Many taxpayers fail to plan long-term, which...
