May 19, 2020
As the COVID-19 pandemic continues to play out, it may be a good time to reassess your charitable giving plan to ensure you’re making the most of the recent changes to tax laws as you support the causes and organizations that are important to you. In the past, many taxpayers benefitted from deducting state and… Read more »
April 9, 2020
In response to the CARES Act, created to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak, JNBA recorded a series of four podcasts (each around five minutes long) earlier this week to discuss specific aspects of the law. JNBA President Kim Brown — along with some colleagues on… Read more »
April 1, 2020
On March 27, 2020, the CARES Act became law, signaling the federal government’s intention to support the American economy during the COVID-19 outbreak with a massive stimulus package for individuals and businesses. While the majority of the $2 trillion expected to be distributed through the aid package will go to businesses, those who have lost… Read more »
March 27, 2020
Over the last several days, the IRS has rolled out new deadlines and information for taxpayers in response to the COVID-19 pandemic. Please see the updates regarding 2019 federal income tax return deadlines below. Federal Tax Filing and Payment Federal income tax return filing and payment deadlines for the 2019 tax year have been extended 90… Read more »
March 12, 2020
As our parents age, one of the many factors we need to consider as adult children is their finances and if they’re vulnerable to financial exploitation. After all, many cases of financial exploitation have a root cause in impaired decision-making abilities. Poor decision-making is a consequence of cognitive decline among seniors; even very subtle age-related… Read more »
March 6, 2020
As we prepare for the upcoming tax season here are a few reminders. 1099 Delivery Reminders • Realized gain/loss (cost basis) and IRA distribution details are included on your 1099 tax documents coming directly from TD Ameritrade. Please provide your 1099s to your tax professional for preparing your 2019 tax return. • Clients who have… Read more »
February 4, 2020
For many families with seniors in high school, this time of year is the beginning of college decision time! While it is an exciting time for the student, it can also be a large financial decision for the family. Whether you have kids heading to school next fall for the first time or kids currently… Read more »
January 17, 2020
The SECURE Act (Setting Every Community Up for Retirement Enhancement) became effective on January 1, 2020, and it could have a significant impact on your retirement asset distributions and taxes paid on those distributions. Here are the top five things to know about the SECURE Act: The act increased the required minimum distribution (RMD) age… Read more »
December 23, 2019
As a new year approaches, now is a good time to review the upcoming changes across a number of areas that affect financial planning. IRA and retirement plan contribution limits, Medicare premiums, and Social Security cost of living adjustments are all experiencing changes for the 2020 calendar year. We’ve compiled the specifics here, to help… Read more »
November 26, 2019
When we talk about estate planning with clients, the topic of prenuptial agreements is one that is coming up more frequently. Whether it’s for themselves as they prepare for a second marriage or for adult children who stand to inherit a sizable estate in the future, clients wonder if this is a document they should… Read more »