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Understanding Rule 72(t): Early Withdrawals from Retirement Accounts Without Penalty
Navigating the complex rules surrounding retirement accounts can be challenging when it comes to accessing funds before the age of 59½ without incurring penalties. Rule 72(t) of the Internal Revenue Code offers a potential solution for those who need to make early...
A Simple Guide to the Most Common IRS Tax Forms for Individuals
Wondering which tax forms to gather ahead of tax season? Wondering which IRS tax forms and schedules are actually relevant to you? We’ve gathered a list of common tax forms needed by individuals to do their basic taxes. Beyond collecting last year’s information,...
Small Business Retirement Plan Options
If you're self-employed or own a small business, you've probably considered establishing a retirement plan. If you've done your homework, you likely know about simplified employee pensions (SEPs) and savings incentive match plans for employees (SIMPLE) IRA plans....
Maximizing the Qualified Business Income Deduction
The Qualified Business Income (QBI) deduction, otherwise known as Section 199A, was introduced under the Tax Cuts and Jobs Act of 2017. This deduction allows owners of pass-through entities to claim a deduction of up 20% of qualified business income.Qualified Business...
How to Handle Vacation Home Taxes: The Tax Implications of Having a Second Home
Owning a vacation home is a dream come true for many, providing a getaway spot for relaxation and a potential source of rental income. However, the tax implications can be daunting. This guide will answer the most common questions for those who own a second home, and...
Relief for Certain RMDs from Inherited Retirement Accounts for 2024
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it...