Social Security

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Should You Convert to a Roth?

By |2022-07-14T18:32:35+00:00July 19th, 2022|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases, Social Security|

Is this the year you finally convert to a Roth IRA? It could be if it makes sense for your situation, but there are numerous factors that come into play. Do not make any rash decisions. Basic premise: Generally, distributions from a traditional IRA are fully taxable at ordinary income rates reaching as high as [...]

2022 IRS Limits on Retirement Plans

By |2021-11-10T14:44:51+00:00November 10th, 2021|News & Events, Pension Admin & Consulting, Press Releases, Social Security|

Highlights: The 401(k) deferral limit increased to $20,500.  The FICA taxable wage base increased to $147,000.  The maximum plan compensation limit increased to $305,000 and the maximum annual addition increased to $61,000. Indexed Plan Limits    2022 2021 Deferral Limits      401(k) Plan or SAR-SEP   $20,500 $19,500      403(b) Plan or 457 Plan 20,500 [...]

Impact of Deferred Payroll Taxes on Income Tax Deductions

By |2021-01-21T14:05:22+00:00January 21st, 2021|Corporate & Partnership Tax, News & Events, Press Releases, Social Security|

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 issues.   The [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]

Ten Top Provisions in the SECURE Act

By |2020-02-17T19:47:37+00:00February 17th, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Social Security|

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 [...]

Can You Afford to Retire Early?

By |2018-08-09T21:19:07+00:00August 9th, 2018|Entrepreneurs, News & Events, Pension Admin & Consulting, Social Security|

If you are like many Americans, you may have visions of an early retirement. Although there are usually hurdles to overcome, the dream may become a reality, depending on your answers to the following questions. Q. Are you financially ready to retire? Some people begin planning for retirement when they are young, intending to call [...]

How to Bridge a Retirement Shortfall

By |2017-05-18T22:55:00+00:00March 22nd, 2017|Entrepreneurs, News & Events, Pension Admin & Consulting, Social Security|

People are living longer these days than they did five, 10 or 20 years ago. Of course, that is good news, but it also means that you may have to provide a bigger cushion in retirement than you had initially intended. What’s more, uncertainty over future Social Security benefits as baby boomers continue to swell [...]

Deadline for Social Security “File and Suspend”

By |2016-03-25T19:18:23+00:00March 25th, 2016|Individual Tax, News & Events, Social Security|

The Bipartisan Budget Act of 2015 ended two popular Social Security retirement benefit claiming strategies, “File-and-Suspend” and “Restricted Application.”  Many married couples use the file-and-suspend strategy by having the higher wage earner file for benefits and then immediately suspend them so that the lower earning spouse can claim spousal benefits while letting their own Social [...]