Federal tax rates went down with the Tax Cuts and Jobs Act of 2017, but those cuts are already set to expire in 2025. And there is broad support among Democrats for repealing tax cuts before their expiration. Let’s face it. There is a strong likelihood that your tax rates will be going up. Most of[…]
Anyone who already took a required minimum distribution (RMD) this year from certain retirement accounts now has more time to roll that money back into the savings plan, according to the Internal Revenue Service, which recently announced that the CARES Act RMD waiver has been extended until August 31, 2020. “The 60-day rollover period for[…]
If you’ve reached age 70 ½ and you’re looking for ways to save money on your tax return, making charitable donations from your IRA may be a good tax strategy for you. There are a wide range of IRS-approved charities that can accept cash donations and these qualified charitable donations (QCD) can satisfy all or[…]
How the state of New Jersey and the federal government tax Individual Retirement Accounts can be confusing for many taxpayers. Tax professionals strongly advise people to not only keep track of their personal contributions, but to also keep good records each year, as they receive a statement. For NJ taxpayers, the only amount in your[…]