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Jan
11

Making Charitable Donations from your IRA

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If you have reached age 70½ and are evaluating charitable giving options, you may consider making a charitable donation directly from your IRA.

The benefits

Contributions made directly from your IRA to a charity reduce the taxable portion of your IRA distributions and count toward your annual required minimum distribution (RMD).

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2017 Hits
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Feb
08

2019 Contribution Limits and Deadlines

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How do the new contribution limits affect you? Retirement contribution maximums have increased across the board for 2019. Here are some of the biggest changes to be aware of this year.

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1798 Hits
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Sep
11

Charitable Contributions Using RMD’s

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With the new tax law changes from the 2017 Tax Cut & Jobs act, many Americans will be utilizing the increased standard deduction rather than itemizing. Those of you who are subject to the Required Minimum Distribution (RMD) rules can make distributions to your favorite charities from your IRA.

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1264 Hits
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Jan
08

High-Deductible Medical Plans

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If you are in very good health, a high-deductible medical plan is an excellent way for you to cut your healthcare costs. Firstly, (and most obvious) it brings down your monthly premium. But, did you know that most of these plans can be coupled with a Health Savings Account (HSA)? You can save up to $3,450 (as an individual) for 2018. This gives us yet another avenue to save toward debts or toward your retirement. It is critical to any financial plan that individuals take advantage of any and all programs that fit their situation.

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2501 Hits
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Mar
04

Difference between a Traditional IRA & a Roth IRA

Difference between a Traditional IRA & a Roth IRA

Do you know the difference between a Traditional IRA & a Roth IRA??

IRA accounts, otherwise known as, Individual Retirement Accounts are a way for to save for retirement. A Traditional IRA can be funded with pre-tax contributions and can be a tax deductible (check with your tax advisor) and grow tax-deferred until age 70 ½ (when the IRS requires you to begin distributing the assets).When you retire and draw on the funds, the money would be taxable as ordinary income.Theoretically, you would be in a lower tax bracket during the withdrawal phase.It is important to note, that any distributions taken prior to 59 ½ are subject to both taxes and an early withdrawal penalty from the Fed of 10% and the State of 2.5%. 

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2105 Hits
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