Taxes Archives - Rodgers & Associates

Blog posts by Rodgers & Associates on tax policy, tax law, tax planning, the IRS, and related topics.

Are Gifts to Children Tax-Deductible?

Richard Elias

There is a way to get a partial deduction for money that will eventually go to your children. A chari­table lead annuity trust gifts money to a charity first, and then passes assets to your benefi­ciaries.

5 Steps to a Successful NUA transaction

Rick Rodgers

Retirees who own their employer’s stock in their 401(k) plan have the potential for huge tax savings using an often-overlooked tax strategy known as net unrealized appre­ci­ation (NUA). How does…

What is The Widow’s Tax and How Will It Affect Me?

Patrick Carney

IRS tax code treats married people very differ­ently than single people. When a spouse dies, the surviving spouse may often face a drop in income and a hike in income taxes at the same time.

Understanding Your Annuity Payout Options

Lee Pelko

The maturity of the annuity at age 85 may actually be a gift to annuity owners to further contem­plate their exit strategy of this tax-deferred investment.

Annuity Traps Part 1: Living Benefits

Rick Rodgers

Learn about different types of annuities and under­stand how they can become a valuable component of your retirement plan.

The Potential Dangers of Rolling Your Company Stock into an IRA

Rick Rodgers

If you own large quantities of company stock held within a retirement plan, rolling it into a tax-deferred IRA may not be the best strategy. Learn when a Net Unrealized Appre­ci­ation (NUA) trans­action is the right choice to maximize your tax efficiency.

What You Need to Know About RMDs

Rick Rodgers

Many clients have questions about when they need to withdraw money from their IRAs and what the rules are for Required Minimum Distri­b­u­tions (RMDs). Learn how to evaluate distri­b­ution options and avoid penalties that arise when RMDs are not met.

What is the Rodgers & Associates Financial Planning Process?

Rick Rodgers

Our approach to retirement planning combines the seven-step process outlined by the Certified Financial Planner Board of Standards with our own unique focus on maximizing tax efficiency, managing risk, and minimizing expenses throughout retirement.

5 Ways to Take Advantage of the Market Downturn

Rick Rodgers

Look for oppor­tu­nities created by lower markets, which include evalu­ating employer stock, performing Roth conver­sions, and investing before the market rebounds.

6 Ways to Help You Reach Your Retirement Goals

Rick Rodgers

It’s never too early to start planning for retirement. By setting a strategy— and sticking to it—you can help achieve your goal of financial indepen­dence sooner.

What is Concierge Medicine?

Rick Rodgers

Concierge medicine1 is a type of doctor/patient relationship in which patients pay an annual retainer fee to their doctor in exchange for more personal care. The doctor can then limit their…

Choosing a State for Retirement

Erika Eckman

Did you know retirement income is not taxed by all states? We’ll help you determine which state is best for retirement on this edition of Project Wealth.

How Do Retirees Get Paid in Retirement?

Rick Rodgers

What happens when the paychecks stop, and retirement begins? It is one of the most pressing questions we hear from people approaching retirement.

6 Reasons to File an Amended Tax Return

Rick Rodgers

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…

Non-Profit Pledge Obligations: What You Need to Know

Rick Rodgers

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…

What is the IRS Form 1040-SR?

Rick Rodgers

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)…

When and Why You Should Convert an IRA to a Roth

Rick Rodgers

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…

Lower Income Taxes

Erika Eckman

Want to reduce your income taxes? Who doesn’t? We’ll help you plan your finances to minimize taxes on this edition of Project Wealth.

What Does It Mean to Be a “Retirement Specialist”?

Rick Rodgers

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…

Tax Planning for Retirement

Richard Elias

Many retired workers find that there are little or no tax reduc­tions AFTER their working years. We’ll explain tax planning for retirement on this edition of Project Wealth.

5 Ways to Close the Retirement Gap and Increase Savings

Rick Rodgers

Last fall The Washington Post reported[1] that 71% of American’s aren’t saving enough for retirement. The article was based on a national survey commis­sioned by Experian in collab­o­ration with Get Rich…

Taxes & Retiring in PA

Patrick Carney

Why is Pennsyl­vania considered a good state for retirees? The answer on this edition of Project Wealth.

Don’t Retire Broke!

Rick Rodgers

The New Three-Legged Stool A Tax-efficient Approach to Retirement Planning was published in June of 2009. People had been told for years that they would be in a lower tax bracket…

How To Avoid Paying Taxes Twice on the Same Income

Rick Rodgers

What’s worse than paying income taxes? Paying taxes on the same income twice. Before putting away your 2015 tax folder, make sure your return contained Form 8606 if you have…

Qualified Charitable Distributions Now Permanent

Rick Rodgers

President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015 on December 18th. The new law extended over 50 expired provi­sions of the tax code.…