Think Before Tapping Your 401(k) as Emergency Fund

Posted on 23. Jun, 2020 by in COVID-19, IRS, Retirement Accounts

Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as […]

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Be Prepared for Pandemic Tax Surprises

Posted on 14. Jun, 2020 by in COVID-19, IRS, Retirement Accounts, Small Business Tips, Tax Tips

Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200 economic impact payments most Americans received […]

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Key 2020 Coronavirus Tax Changes

Posted on 06. May, 2020 by in Independent Contractor, IRS, Retirement Accounts, Tax Updates

As you navigate the COVID-19 pandemic, we’re here as your trusted tax and business advisors to provide guidance as we all traverse these uncertain times. Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of […]

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New Rules Mean Saving More for Retirement

Posted on 27. Feb, 2020 by in Managing Finances, Misc. Articles, Retirement Accounts, Tax Tips

The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement: Money can continue to grow tax deferred If you turn 70½ in 2020 or […]

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2020 Retirement Plan Limits

Posted on 07. Jan, 2020 by in Retirement Accounts, Small Business Tips, Tax Tips

As part of your 2020 planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits: Take action If you have not already done so, please consider: […]

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There’s Still Time to Add to Your IRA

Posted on 02. Jan, 2020 by in Misc. Articles, Retirement Accounts

There is still time to make a contribution to a traditional IRA or Roth IRA for the 2019 tax year. The annual contribution limit is $6,000 or $7,000 if you are age 50 or over. Prior to making a contribution, if you (or your spouse) are an active participant in an employer’s qualified retirement plan […]

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