Most of us lead hectic lives, but it is important to take time to designate or update beneficiaries for all your assets as part of an estate plan. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are seven [...]
At least there is something good about growing old from a tax perspective. Under a unique tax law provision, certain senior citizens can transfer a sizeable amount of funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution. Significantly, this “qualified charitable distribution” (QCD) also counts as a [...]
The maximum allowable contribution for 2020 is $6,000. Individuals age 50 and over in 2020 may contribute an additional $1,000. 2020 IRA Deduction Table You are covered by an employer retirement plan for the tax year if your employer (or your spouse's employer) has a: Defined Contribution plan and any contributions or forfeitures were allocated [...]
The IRS released its third and final Opportunity Zone regulations at the end of 2019. Here is what you need to know. As I hope you are aware by now, Opportunity Zones were included in the new tax law known as Tax Cuts and Jobs Act of 2017. These zones encourage private sector investment in [...]
Late in 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act, the biggest retirement law in more than a decade. Most provisions in this new legislation went into effect on January 1, 2020. Following is a summary of ten key changes. Stretch IRAs: Generally, the new law favors taxpayers, but it [...]
Even if you are in good health, do not dismiss the possibility that you could be incapacitated at some point. It is important to take precautions in the event you suddenly cannot manage your personal and financial affairs. One common means of ensuring some measure of protection is to create a “power of attorney.” In [...]
Photo Credit: Forbes Magazine Recently, Forbes Magazine partnered with the independent market research company Statista to create a list of the most recommended firms for tax and accounting services in the United States for 2020. JamisonMoneyFarmer PC is proud to be listed as one of the 227 firms throughout the country on either list, [...]
By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]
Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on a donation, check to see if you are giving away the securities that are best for your tax situation. It can make a big tax difference to itemizers. The conventional wisdom is to donate low-basis stock [...]
Even if a company is small, the employees may enjoy the benefits of participating in a 401(k) plan. This is one of the most popular retirement plans around—if not THE most popular—and a proven way to save money for your golden years. Just consider these attractive features. Tax deferrals: You pay no current tax on [...]