Understanding the 5 Tax Filing Statuses: Which is Best for You?
Filing status is especially important because it determines, in part, the tax rate applied to taxable income, the amount of the standard deduction, and the types of deductions and credits available.
The Difference Between Stock Options and Restricted Stock Units (RSU’s)
Complexity abounds with respect to a RSU or option decision.
Are Retirement Funds Exempt from Creditors, Including the IRS?
The government encourages retirement savings by allowing taxpayers to make qualified contributions to retirement accounts on a tax-deferred basis.
Are You Due to Reevaluate and Switch Your Car Insurance?
Many advisers recommend shopping your automobile policy every two to three years. There are many factors that could have changed since you began insuring through your current carrier.
Medicare Supplement Insurance Plans
Medicare does not cover everything. Medicare is divided into three parts: Part A, Part B, and Part D.
11 Things Everyone Should Know About Social Security Benefits
Social Security benefits are an important part of nearly everyone’s retirement plan. Many people think of Social Security benefits as a supplement to their income when they retire.
Thinking of Helping Out Your Adult Child(ren) Financially? You Might Not be Helping.
A recent study1 conducted for Northwestern Mutual found one in three Baby Boomers (33%), the generation closest to retirement age, have less than $25,000 in retirement savings.
6 Reasons to File an Amended Tax Return
You probably just finished filing your tax return for 2018 and you’re thankful that it’s done for another year. The last thing you want to think about now is amending…
How the Death of a Spouse Affects Taxes and Retirement Income
Many people mistakenly believe their expenses will be half as much as a widow(er) than as a couple. This is true of some expenses, like food and clothing. However, larger expenses related…
Non-Profit Pledge Obligations: What You Need to Know
Your favorite non-profit is running a capital campaign. They approach you for support asking for an amount larger than you are willing to write a check for today. No problem. You can…
How To Avoid Being Double Taxed On Your After-Tax IRA Contributions
The primary goal of income tax planning is to pay the least amount of tax possible. Good tax planning should include avoiding paying tax on the same income twice. One…
What is the IRS Form 1040-SR?
House Republicans boasted their 2017 tax reform would simplify taxes to the point that taxpayers would be able to file a return on a postcard. The Tax Cuts and Jobs Act (TCJA)…
The Pros and Cons of Retiring in Pennsylvania
It’s a great place to retire, but can be an expensive place to have an estate.
Under TCJA, can Investment Advisory Fees Still have a Tax Benefit?
Many taxpayers have filed their returns for 2017 and are grateful tax season is behind them. Tax planning for 2018 is probably one of the last things they want to…
Follow the Rules When Rolling Over Your Pension to an IRA
Many companies are closing out their pension plans, giving workers the opportunity to roll them over to an IRA or another plan. This situation was created by the high cost…
When and Why You Should Convert an IRA to a Roth
The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated the ability to use recharacterization to reverse the conversion of a Traditional IRA into a Roth IRA. The process of undoing a Roth…
Means Testing Social Security: What We Know Right Now
Means testing could take the form of more income taxes, a reduction in benefits, a surtax or some other method.
Why Business Owners Should Diversify Their Portfolios
The content of this newsletter was originally published on CPBJ.com. I was playing golf with a friend a few weeks ago. We have known each other for a couple of years and met…
How We Choose Funds for our Clients’ Investment Portfolios
The Dow Jones Industrial Average has just passed 23,000 as I am writing this newsletter. Clients typically ask if there are any good places to invest, and this topic comes up…
What Does It Mean to Be a “Retirement Specialist”?
The Rodgers & Associates logo includes “The Retirement Specialists.” The home page of our website says we “specialize in financial planning for those who are retired or expect to retire within…
