IRA’s (Individual Retirement Accounts) are one of the most common ways to save for retirement. Conceptually, they are familiar to many, but the details related to and surrounding these types of accounts can be confusing. Many investors are also familiar with Roth accounts, which are a type of an IRA. This time of year, January thru April 15, is a critical time to understand IRA parameters since during that time you can address both tax years--2017 and 2018. In this article by Jim Glass of The ... [Continue Reading]
Articles and resources related to Tax Planning.
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. The changes in the Act represent the most sweeping change to the U.S. tax code in many years and impact individuals and businesses on a level not seen in over 30 years (since 1986, when the Internal Revenue Code was amended). This quarter, we wanted to provide you with a summary of the most relevant provisions. Two additional resources, including the full 570 page report from the Conference Committee, can be found ... [Continue Reading]
On Wednesday, September 27, 2017, the Trump Administration, House Committee on Ways and Means, and the Senate Committee on Finance released a document titled, “Unified Framework for Fixing our Broken Tax Code”1 with the hope that it will provide a framework for the upcoming debate on tax reform. The proposal is missing many key details, but it does provide a general overview of the changes that we may ultimately see. For this quarter’s Tax Update, we thought you might want to see a summary of ... [Continue Reading]
Governor Mark Dayton signed an omnibus tax bill on May 30, 2017, that included several changes to Minnesota tax laws we’d like to make you aware of. We will be incorporating these changes as we complete your tax projections or provide you with tax planning recommendations. Following is a summary of various highlights of the bill: Estate Tax Changes The bill increases the amount that is exempt from estate taxation in 2017 from $1.8 million under current law to $2.1 million. The bill ... [Continue Reading]
As the preparation of your 2016 income tax returns are completed and filed (due by April 18, 2017), it is the ideal time to be thinking about 2017 planning. Following are a few notes and considerations we wanted you to be aware of: Contribution limits to 401(k) and 403(b) accounts remain unchanged for 2017 at $18,000, with an additional $6,000 catch-up contribution allowable for those age 50 or older.These limits apply to contributions to either a Traditional or Roth option within the ... [Continue Reading]