While many of our clients worry they may owe more than they expected, there are some that even dread their refund. Getting a large refund often indicates that you withheld too much of your pay during the year and essentially gave the IRS an interest free loan. Federal Withholding Speak…
It is with a mix of gratitude and sadness that I announce the retirements of two of our firm’s esteemed colleagues, Denise Webster and Perry Kudrna. Their combined decades of service have shaped our firm into the respected organization it is today. Tax Partner Denise Webster, our first female…
Retirement planning is a crucial consideration for business owners seeking to secure their financial future. Among the various retirement plan options available, the cash balance plan has gained reputation as an innovative and advantageous solution. Tailored to meet the needs of business owners and key employees, cash balance plans offer…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (passed in March of 2020) contains many provisions intended to reduce taxpayers’ financial hardships associated with the COVID-19 pandemic. One of the provisions of the Act concerns certain withdrawals from retirement accounts in 2020. Normally, withdrawals from retirement accounts by taxpayers…
RMDs Recent tax law waived required minimum distributions (RMDs) from IRAs and other qualified plans for 2020. This is an advantage for taxpayers who do not need the funds as the money can continue to grow tax deferred. If you decide to forgo your RMD for 2020 and typically have…
The fact is most taxpayers like the idea of having tax free income and paying less income taxes. It is true, qualified Roth retirement accounts can provide tax-free income to you during retirement, but what cost might you pay for this gratitude? For example, you contribute $5,000 per year to…
