Reading Time: 3 minutes The 2017 Tax Cuts and Jobs Act (TCJA) increased almost twice the lifetime estate and gift tax exemption. It elevated the individual exemption from $5.6 million to $11.18 million. It raised the exemption for couples from $11.18 million to $22.36...
Reading Time: 3 minutes When a person dies, their estate is responsible for paying their debts and taxes. However, the heirs of the estate may also be liable for these obligations. This is because the heirs are essentially taking on the assets and liabilities of the...
Reading Time: 3 minutes Retirement plans are crucial considerations for business owners. The SEP IRA and Solo 401(k) are two popular options to explore. It is essential to compare the advantages and disadvantages of each retirement plan. The ideal plan depends on...
Reading Time: 3 minutes Retirement is often viewed as the golden years of life when one can finally kick back, relax, and enjoy the fruits of their labor. However, the reality is that many people struggle to make ends meet during their retirement years. Financial...
Reading Time: 2 minutes If you haven’t already, you can still contribute to your IRA account for 2021. Technically, you have until the federal tax filing deadline to make your IRA contribution for the previous year. So for 2021, you can contribute to your IRA account...
Reading Time: 3 minutes Are you considering whether converting an IRA to a Roth makes sense for your retirement? To help determine if this strategy makes sense, we have provided the basics of how it works and when it could fit into your finances below....
