If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was enacted in late 2019 that made significant changes to retirement accounts. For example, the SECURE Act repealed the maximum age for making traditional IRA contributions. Before […]
Tag Archives | IRS distributions
Didn’t contribute to an IRA last year? There still may be time
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax […]
The Power of the Tax Credit for Buying an Electric Vehicle
Although electric vehicles are a small percentage of the cars on the road today, they’re increasing in popularity. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger cars and light trucks. The credit […]
Don’t forget to take required minimum distributions this year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age. Once you attain age 72 (or age 70½ before 2020), you must begin taking RMDs from traditional IRAs and certain retirement accounts. If you don’t withdraw the […]
