The SECURE Act 2.0 altered the onset of Required Minimum Distributions (RMDs) from age 72 to age 73. However, the law made no change to the Qualified Charitable Distribution (QCD) rules. So, while a RMD is not required until age 73, a taxpayer over age 70 ½ is allowed to distribute directly from their IRA to their favorite charity and avoid taxation.
Read MoreWith the passage of the SECURE Act, distribution requirements for beneficiaries changed dramatically. Now, non-spousal beneficiaries are required to distribute the entire balance of an inherited IRA within 10 years! This could present an enormous tax burden for those beneficiaries.
Read MoreIf you are over age 70.5, you are eligible to make a qualified charitable distribution (QCD). By doing so, you can benefit your favorite charities, while excluding up to $100,000 annually from your gross income.
Read MoreShould you buy a rental property and if so, what information do you need for your taxes? When it comes to taxes, everyone wants to know what they can “write off” for tax purposes. In this article, we explore some of the tax benefits of a rental property.
Read MoreAsset "location" - which types of investments should be held in which accounts -is different based on your stage in life. An accumulator and a retiree should have a different investment strategy.
Read MoreSmall business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden.
Read MoreRoth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.
Read MoreThe Consolidated Appropriations Act (CAA) offers many tax provisions to assist in the ongoing economic crisis. Many of the provisions affect not only the 2020 tax return but into future years as well.
Read MoreWith the passage of the CARES Act on March 27th, Congress eliminated IRA required minimum distributions (RMDs) for the year. This means that many taxpayers above the age of 72, or anyone who is taking inherited IRA distributions, will likely have quite a change in their taxable income in 2020. So, is it a good year to do a Roth Conversion instead?
Read MoreEliminating debt is a key factor in accumulating wealth, but is paying off your mortgage as soon as possible the best financial decision?
Read MoreWhere is your stimulus payment? Will it be taxed later? Will I have to pay it back if the IRS sends me too much? Beacon answers all your questions concerning the Economic Stimulus payments.
Read MoreDue to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from April 15, 2020, to July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period.
Read MoreOn Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Here is a brief summary of some of the major provisions.
Read MoreTax season is upon us. Find out what you need to know to make this tax season painless and worry free!
Read MoreThe 2020 marginal income tax brackets and capital gains rates for tax planning purposes.
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