Tax planning is all about thinking ahead. It appears that the tax rates from 2019 have remained the same for 2020, with a slight adjustment to the income bracket for inflation. Even with being aware of the slight change, there are a few other ways to make sure you stay on track for 2020.
An Individual Retirement Account (IRA) is a tax-advantaged way to save for retirement. The two main types of IRA accounts for individual investors are Traditional IRAs and a Roth IRAs. While both account types offer extremely enticing tax treatments, the main difference between the two account types is the tax treatment of contributions compared to distributions. The key to choosing the account type that best fits your needs is to understand the tax treatment of the account types and if you qualify to make contributions or take deductions.
You may ask what is a Roth IRA and why is it something that might make sense for me?
Tax season is upon us! Please take a glance at our helpful tax tools and important dates listed below.....
As 2019 was coming to a close both the House and Senate passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act which was quickly sent to the President’s desk to be signed.
Upon analyzing the Secure Act’s changes, they are not nearly as substantial as those resulting from the Tax Cuts and Jobs act passed two years ago. But they do have powerful implications on retirement plan participants.