Planning Your IRA Withdrawal?

Planning Your IRA Withdrawal?

Advance planning can, in many cases, minimize or even avoid taxes on a IRA Withdrawal and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and other qualified retirement accounts, taxpayers need to consider...
Retirement Savings: the Earlier, the Better

Retirement Savings: the Earlier, the Better

Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement plan early in life can...
Don’t Overlook the Spousal IRA

Don’t Overlook the Spousal IRA

Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation. The maximum amount that a non-working or low-earning...
Don’t Overlook the Spousal IRA

Don’t Overlook the Spousal IRA

One frequently overlooked tax benefit is the “spousal IRA.” Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, alimony received, and net income from...