Did you know that a portion of your Social Security benefits may be subject to income tax? This occurs when your modified adjusted gross income (MAGI), plus 1/2 of your benefits, exceeds specified limits.
What IRS services are available online?
As part of the Inflation Reduction Act passed by Congress in August 2022, the Internal Revenue Service (“IRS”) recently released its plan for the nearly $80 billion in additional agency funding. A...
Am I having enough taxes withheld?
Filing your taxes can be a daunting task. This is especially true when you are not confident that you had enough taxes withheld from your paycheck throughout the year. If you have had too little...
Tax Planning Tips for 2022
Last Minute Tax Planning Tips for 2022 It’s that time of year again! As we close out 2022, be sure to consider any final opportunities to help reduce your 2022 income tax liability. While every...
If I inherited an IRA, do I have to cash out? What is the 10-year rule?
An individual retirement arrangement (IRA), or more commonly referred to as an “individual retirement account,” is a tax-deferred investment account that helps you save for retirement. Tax laws that...
What are the annual contribution limits for 529 Plans and what is superfunding?
It’s no secret that the cost of education is on the rise. The key to preparing for this large but important expense, is to develop a savings strategy early on. As we discussed in a previous Q&A...
What financially-related steps do I need to take after my wedding?
Wedding season is approaching quickly. With the stress of planning a wedding, it is easy to overlook certain steps that affect your taxes and finances in general. We have compiled a list of steps to...
How does my income affect my medicare premium?
If you are retired and age 65 or older, you are likely enrolled in Medicare, the Federal health insurance program that provides hospital (“Part A”), medical (“Part B”), and prescription drug (“Part...
Wealth Management Q&As
Wealth Management is more than investment management. It considers the larger picture. While your investments are critical to your success throughout retirement, it is also important to understand how your taxes, finanical plan, estate, and insurance can affect both your overall situation. Do you know when you should begin collecting social security to maximize its benefit? Have you followed the necessary steps to help your assets pass efficiently to your heirs, avoiding probate? If 529 plans are applicable to you, have you considered 529 plan superfunding or how to maximize 529 plan tax advantages? Our wealth management Q&As consist of popular topics among our clients and are not limited to investment management.