April 1 St Petersburg Florida

April 1 Is an Important Date for Older Taxpayers with IRAs and 401(k)s

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Did you turn age 70 1/2 in 2015? If so, an important date is coming up soon. By April 1, 2016, you must begin taking required minimum distributions (RMDs) from your traditional IRAs — or face a steep penalty. (Lifetime distributions don’t need to be taken from Roth IRAs at...
IRA in St Petersburg Florida

Make a 2015 contribution to an IRA before time runs out

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Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to...
Tax Credits in St Petersburg Florida

2 benefits-related tax credits just for small businesses

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Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable tax credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — of them on your 2015 return? Retirement plan credit Small...
Retirement in St Petersburg Florida

Tackle Key Financial Issues as You Face Retirement

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The Baby Boomer generation reached its peak in 1957 at an annual birth rate of about 4.3 million people. It’s hard to believe that these Baby Boomers will turn 59 years old in 2016. An important rite of passage that comes with this age is that they’ll soon be eligible...
Roth IRA in St Petersburg Florida

Reacquainting yourself with the Roth IRA

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If you’ve looked into retirement planning, you’ve probably heard about the Roth IRA. Maybe in the past you decided against one of these arrangements, or perhaps you just decided to sleep on it. Whatever the case may be, now’s a good time to reacquaint yourself with the Roth IRA...
Estate Tax in St Petersburg Florida

Estate Tax Round-Up: An Overview of Recent Developments

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In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). But that’s not all that’s changed. In recent months, there have been several significant developments on the estate tax front. Here are some tips to help...

Important Tax Figures for 2016

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The following table provides some important federal tax figures for 2016, as compared with 2015. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2016 2015 Social...
Retirement Plan in St Petersburg Florida

For Sound Benefits Administration, Formalize Your Retirement Plan Policies

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An “investment policy statement” (IPS) isn’t explicitly required by federal law. However, ERISA — the statute governing retirement plans — does anticipate that plan fiduciaries will have a specific policy in mind. In other words, it’s assumed that...
Contribute in St Petersburg Florida

Why you should contribute more to your 401(k) in 2015

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Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the 3.8% net...
Required Minimum Distributions in St Petersburg Florida

20 FAQs about Required Minimum Distributions

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The rules for required minimum distributions (RMDs) can be bewildering, frustrating and potentially expensive to retirement savers and their beneficiaries. And taking — or not taking — RMDs can have a substantial impact on your tax liability. Distributions generally will be...