Qualified Charitable Distributions (QCDs) are a great way to reduce tax liability for those who are charitably inclined. Qualified Charitable Distributions are distributions from an IRA that are donated directly to a qualified charity. The account holder must be over age 70 ½ and the distribution … [Read more...]
Is a Donor Advised Fund Right for You?
Donor Advised Funds (DAFs) are a great tax planning tool for those who are charitably inclined. They are especially compelling when you have highly appreciated stock in a brokerage account or if your income is significantly higher than usual in any given year. Understanding the Tax … [Read more...]
2020 SECURE Act Changes to IRAs and Required Minimum Distributions
The SECURE Act stands for Setting Every Community Up for Retirement Enhancement. It was signed into law on December 20, 2019 and most provisions went into effect on January 1, 2020. Lawmakers mostly focused on enhancing options and eligibility for retirement plans. However, one significant change … [Read more...]
Planning with Medicare Premiums in Mind
Depending on your income, premiums for Medicare Part B could cost more than the standard rate ($144.60 per month in 2020). This is referred to as IRMAA – the income related monthly adjustment amount. In 2020, Part B premiums will cost more if your modified adjusted gross income (MAGI) is higher than … [Read more...]