If you’ve filed your 2021 tax return, you may want to do some spring cleaning, starting with tax-related paper clutter. Paring down is good. Just be careful to hold onto essential records that may be needed in the event of an IRS audit. Some documents may be needed to help you collect a future refund [...]
If you have a life insurance policy, be aware that the proceeds your beneficiary receives could be subject to federal estate tax. That is, unless you take steps to ensure that the policy isn’t part of your estate. WHAT TO DO Life insurance proceeds will be included in your taxable estate if: Your estate is [...]
If you didn’t get around to contributing to an IRA in 2021 and you’re looking for ways to lower your tax bill, you may still have an option. Qualified taxpayers can make deductible contributions to traditional IRAs until the tax filing date of April 18, 2022, and claim the benefit on their 2021 returns. WHO [...]
Given the steep cost of nursing homes, planning for long-term care is critical. This holds true not only for you, but also possibly for aging parents if they’re still in your life. One important question to consider is whether you could be held financially responsible for your parents’ nursing home bills if they can’t afford [...]
Because of the COVID-19 pandemic and other reasons, job upheaval has become common among Americans over the past year or so. If you may soon change employers, handle your retirement plan with care. LEAVE AS IS If your plan with your previous employer has a balance of at least $5,000, it must allow you the [...]
Whether you’re in the process of making a retirement or estate plan, or intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items – such as closely held business interests, real estate, art of collectibles – an appraisal may be necessary. RETIREMENT AND ESTATE PLANNING To [...]