Blog posts by Rodgers & Associates on tax policy, tax law, tax planning, the IRS, and related topics.
What is Concierge Medicine?
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…
A Special Purpose Entity Enables Individual Participation in PA’s EITC Program
Special purpose entities in PA allow individual donors to participate in tax credits previously only available to businesses.
How Qualified Charitable Distributions Can Impact Your Taxes and Favorite Charities
Gifting through a Qualified Charitable Distribution can be one way to keep the tax benefits of a donation. Learn about the rules and benefits of QCDs.
Choosing a State for Retirement
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.
Tax-Efficient Investing: Why Tax Planning and Investments Should Work Together
Managing an investment portfolio efficiently requires knowledge of income taxes and your tax bracket specifically.
How Do Retirees Get Paid in Retirement?
What happens when the paychecks stop, and retirement begins? It is one of the most pressing questions we hear from people approaching retirement.
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.
5 Strategies for Gifting to Adult Children
Gifting to adult children can be a rewarding way to enrich their lives.
Understanding the Tax Implications of Company Stock Based Compensation
If you are an executive at a large company, you may receive stock in your company at some point as a form of compensation.
What is a HELOC? How they Differ from Conventional Mortgages
HELOC stands for home equity line of credit. Like a mortgage, it’s a loan made against the equity in your home.
Why You Should Consider Donating Stock to Your Church in 2018
How to pay it forward in 5 easy steps
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…
Understanding The Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law by President Trump on December 22, 2017. Many of the provisions in the bill went into effect…
Lower Income Taxes
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”?
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…
5 Ways to Close the Retirement Gap and Increase Savings
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
Why is Pennsylvania considered a good state for retirees? The answer on this edition of Project Wealth.
Don’t Retire Broke!
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…
The Rules for Medical Deductions Are Changing for Those Age 65 and Older
The rules for medical deductions are changing for seniors ages 65 and up.
Variable Annuities: How To Evaluate Whether You Should Keep One
Unfortunately, it is not uncommon to meet prospective clients who attended an “informational” seminar, got a nice steak dinner, and ultimately purchased an annuity that may cost them thousands of dollars…
How To Avoid Paying Taxes Twice on the Same Income
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…
Follow the Rules When Rolling Over Your Employer-Sponsored Retirement Plan
Know your options and follow these rules to help prevent costly rollover mistakes.
Failure to Take the RMD from Your IRA Can be Costly
A recent audit report found that in fiscal year 2014, IRS revenue officers collected $222 million less than they did in 2011 (7% less) and closed 34% fewer cases. The…
The Tax Advantages of Charitable Remainder Trusts
What happens when you combine aging baby boomers and a stock market reaching all-time highs? A renewed interest in charitable remainder trusts (CRT). The oldest of America’s 72 million baby boomers are…
Common Questions About Social Security
Last month I started a series on planning for retirement. See the other posts in the series here: Has Planning for Retirement Ever Been More Difficult? Three More Questions Retirees Ask More Common Retirement Questions…
Five Strategies for High Income Earners to Deal with the New Tax Rules
The American Taxpayer Relief Act of 2012 (ATRA12) prevented higher taxes for many taxpayers but those in the top two tax brackets will experience an increase in taxes in 2013…
Estate Planning Considerations — Spendthrift and IRA Trusts — Part 3 of 3
Previous posts in this series: Part 1, Part 2 I want to wrap up my series on leaving wealth to your heirs by looking at two more types of trusts. Leaving…
Should Your Child Have a Roth IRA?
It’s an opportunity to start saving for children while they are young.
