Retirement in St Petersburg Florida

Making 2017 retirement plan contributions in 2018

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The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA...
Roth Conversions in St Petersburg Florida

Coming Soon: Deadline to Reverse 2016 Roth Conversions

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Do you regret converting your traditional IRA into a Roth IRA? Fortunately, a taxpayer-friendly aspect of the Roth conversion rules is that you have until October 15 (adjusted for weekends) of the year following the year of a conversion to reverse it. In other words, the deadline...
Reverse Mortgages in St Petersburg Florida

Report Warns Retirees about Potential Downsides of Reverse Mortgages

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Reverse mortgages have been around for years. But they’re getting a new spin: Some senior homeowners are tapping into their home equity to “bridge the gap” until the time they’re ready to apply for Social Security benefits. However, an independent consumer...
Retirement Benefits in St Petersburg Florida

Understand Your Social Security Retirement Benefits

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For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. The report projects that the combined asset...
Social Security Benefits in St Petersburg Florida

What You Need to Know About Your Social Security Benefits

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What Happens if I Receive Social Security Retirement Benefits While Still Working? If you’re under full retirement age (FRA) and earn more than the annual limit (subject to inflation indexing), your benefits will be reduced, as follows: If you’re under FRA for the...
Rental in St Petersburg Florida

Consider Taxes before Converting Your Home to a Rental Property

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Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you’re already planning to relocate or downsize to a smaller home. Ideally, you’ll be able to shelter...
Graduates in St Petersburg Florida

Financial Survival Tips for Recent College Graduates

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Graduation can be one of the most exciting — and intimidating — times in your life. You’re officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the...
Contributions in St Petersburg Florida

2016 IRA contributions — it’s not too late!

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Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits beyond a...
SEP in St Petersburg Florida

There’s Still Time to Set Up a SEP for 2016

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Simplified Employee Pensions (SEPs) are stripped-down retirement plans intended for self-employed individuals and small businesses. If you don’t already have a tax-favored retirement plan set up for your business, consider establishing a SEP — plus, if you act quickly...
Seniors in St Petersburg Florida

Seniors: Consider These Tax Breaks When Filing for 2016

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Are you an “experienced” taxpayer? Here are a couple of age-based tax breaks that seniors shouldn’t overlook when filing their 2016 returns. 1. Claim Your Rightful Medical Expense Deductions If you’re 65 years of age or older, you may have fallen into the...