Retirement & Estate

Thanks to the IRS’s Saver’s Credit, you may now be able to take advantage of a tax credit to help you save for retirement. Formerly known as the Retirement Savings Contributions Credit, the Saver’s Credit applies to individuals with the following filing status/income combinations: Single, married filing separately, or qualifying widow(er), with income up to [...]

Everyone is interested in a way to grow their money tax free.  For small business owners and employees alike, a SIMPLE IRA may be the very simple answer!  A SIMPLE IRA plan (Savings Incentive Match PLan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees.   It is ideally [...]

Are you taking advantage of estate tax law changes?   If you are married, you should be. Over the past few years, tax changes haven’t offered many “benefits” for the typical taxpayer.  Yet, the tax overhaul passed in December 2010 offers some specific advantages for families.  One example is that starting in 2011 couples can add [...]

Starting this year, the Estate and Gift Tax Exemption is now $5 million dollars. However, this exemption is not automatic and requires the filing of a Federal Estate and Gift Tax Return (709) even if no tax is due. This exemption isn’t expected to last forever. In fact, it might end as soon as the [...]

Retirement Planning 101 Do you have a retirement plan?  According to the US Department of Labor, less than half of Americans have calculated how much they need for retirement.  That is a sobering statistic considering that the average American is living longer, and jobs and money are not getting any easier to come by. A [...]