The IRA is a great retirement savings vehicle; money grows on a tax-deferred basis and that’s a good thing. Eventually, though, you have to pay the IRS piper when you choose to withdraw funds for retirement or when you’re forced to withdraw the Required Minimum Distribution at age 72.
Let’s...
“Will I outlive my money?” That’s one of the biggest concerns for most retirees. There’s the high cost of medical care, which gets more expensive all the time. There’s inflation, which raises the cost of goods and services, eating into your retirement budget. And then, there’s taxes, which are...
Estate planning. It’s such a noble phrase. It conjures up images of passing on to your loved ones a lifetime of hard work and success—leaving a legacy. But the road to distributing your estate is filled with potholes that may hijack your good intentions.
Pothole # 1. Probate Court.
If you...
By Rafael A. Perez, Esq., Partner at McArdle, Perez & Franco P.L. and Chief Compliance Officer at Alhambra Investments
Introduction: Over the past several decades of practicing real estate law I have had many clients, both domestic and foreign, ask me to apply for an extension of a like-kind exchange...
When the 2017 Tax Cuts and
Jobs Act (TCJA) was passed it changed the rules about deductions for charitable
giving. Under current law the only way to deduct charitable gifts is to itemize
on your tax return. Because of that, giving to charities has fallen
substantially.
In 2018 almost 32 million
Americans made charitable donations....
As a result of the COVID-19 pandemic, U.S.
Treasury Secretary Steve Mnuchin extended the 2019 tax filing date to July
15. As a result, it also extends the
deadline for making a 2019 contribution to your Individual Retirement Account
(IRA) or Roth IRA. You now have until July 15 to make last year’s
contributions....