Self-Care is Also Care for Others
With our healthcare system so overwhelmed these days, it becomes more important than ever to recognize that taking good care of ourselves is our first line of defense against illness, and against poor health generally. Not only that, but taking care of ourselves is a vital part of caring for the other important people in […]
Thankfulness in Difficult Times
As we approach this Thanksgiving, the third since COVID-19 hit us, we may find it harder to be grateful than we would like. The economic news is not and has not been great, and the rumblings indicate that the numbers aren’t going to get much better in the near-term. However, although we are in a […]
Payout Rules for Beneficiaries of Inherited IRAs
In our last post on retirement planning, we discussed the IRS’ proposed changes to the payout structure of inherited IRAs, which would go against the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Today, we are going to discuss the existing rules – the three categories of beneficiaries, […]
Remote Work is Here to Stay
During the first year of the pandemic, in the spring of 2020, I wrote about my own experience of remote work for myself and my team, and it seems that, indeed, some form of remote work is, in fact, going to remain part of our “new normal.” On August 31, 2022, Gallup released the results […]
IRS: Inflation Drives Up 2023 Income Tax Bracket Thresholds
Even the darkest clouds can have a little silver lining them. Last week, we discussed the IRS’ inflation adjustments for 2022 taxes. And with the issuance of Revenue Procedure 2022-38, the IRS has announced inflation-adjusted tax brackets, standard deductions, estate exemptions, and more for 2023. Income Tax Brackets – 2022 – 2023: Other Increases: The […]
IRS: 2022 Taxes – Inflation Adjustments
To Our Valued Clients and Friends: While there hasn’t been a lot of good economic news of late, one small ray of sunshine is that the IRS has made inflation-based adjustments to the standard deduction and to the income thresholds for the various tax brackets. Revenue Procedure 2021-45 provides the 2022 income tax bracket threshold […]
IRS Proposes Changes to the New 10-Year Payout Rule on Inherited IRAs
Last time, we talked about the ways CPAs/financial planners are working with qualified retirement account owners to mitigate the effects of the SECURE Act’s changes to the distribution rules for inherited IRAs and other qualified retirement accounts. Today, we are going to talk further about inherited retirement accounts, in light of the IRS’ proposed changes […]
The End of the Stretch IRA – and Ways to Compensate
In our last post, we talked about the 2022 limits on contributions to qualified retirement accounts and plans. This time, we are going to take a more in-depth look at the end, for most beneficiaries, of the “stretch” IRA, which we’ve previously touched on here and here, and the ways savvy financial planners are finding […]
2022 Retirement Plan Contribution Limits
Our last post discussed several factors to bear in mind to ensure a happy retirement. This week, since it is by no means too early for tax planning, we talk about the 2022 limits on contributions to retirement plans. IRAs – Traditional and Roth: the 2022 annual contribution limits remain unchanged at $6,000 for those […]
Ensuring a Happy Retirement
Last time, we talked about planning for the income taxes you will incur during your retirement. In this post, we talk about how best to ensure – to the extent possible – that your retirement is a happy and enjoyable one. It’s indisputable that a happy retirement needs a number of working parts to keep […]