by Ramdas | Jan 6, 2023 | Financial Planning, Individuals Articles, Retiring, Tax Articles
Secure Act 2.0 has officially become a law. The Act has some serious consequences for retirement accounts. Below are some key takeaways: Change in RMD Age: The Secure Act of 2019 previously changed the required minimum distribution age from 70 ½ to 72. Secure Act 2.0...
by Ramdas | May 17, 2022 | Financial Planning, Individuals Articles, Tax Articles, Tax Tuesday
In November of 2021, the IRS released Chief Counsel Advice (CCA) 202151005 discussing rental activities and if self-employment tax should be calculated. CCAs can be thought of as discussions the IRS have internally to state their views on certain items. They are not...
by Ramdas | Mar 25, 2022 | Finance Friday, Financial Planning, Retiring
New Regulations on Inherited IRAs The SECURE Act of 2019 ushered in a new set of rules for traditional IRA beneficiaries, specifically non-spousal beneficiaries. In the SECURE Act, non-spousal designated beneficiaries that inherited a traditional IRA on or after...
by Ramdas | Feb 25, 2022 | Finance Friday, Financial Planning, Individuals Articles, Retiring
When someone dies, their assets are eventually transferred to beneficiaries. Those beneficiaries are typically listed in the decedent’s will, but sometimes they are specifically titled on an account. For certain assets, titling not only eases the pain of distributing...
by Ramdas | Dec 22, 2021 | Finance Friday, Financial Planning, Individuals Articles
‘Tis the Season for Gifts! The halls are decked, cookies are out for Santa, presents are under the tree, and we are all in the giving spirit this time of year. If you are fortunate enough to be able to give large gifts, remember you have until December 31 to do so for...
by Ramdas | Nov 29, 2021 | Finance Friday, Financial Planning, Individuals Articles, Retiring, Tax Articles
While most of us think 2020 was just the other day, the reality is 2021 is coming to an end and 2022 is just around the corner. As we go into Holiday mode, it’s important to do a year end financial check list to make sure you are on track for the remainder of the...
