Taxes
20 Second Advisor: July 15th deadline for retirement and education contributions
The July 15, 2020 nationwide deadline for filing an individual income tax return for tax year 2019 is approaching. It is also the deadline for certain contributions to IRAs, Roth IRAs, and Coverdell Education Savings Accounts (CESA). A few things to remember IRA contribution limit for tax year 2019 is $6,000. Anyone over age 50…
Read More20 Second Advisor: CARES Act Suspends Required IRA Distributions
If you are 72 or older, you are normally required to make distributions from your retirement accounts (401k, IRA, 403b, etc). The CARES act eliminated this requirement for 2020. This is good news for many retirees for 2 reasons: Avoiding the taxable distribution will reduce their taxable income in 2020 They can leave their tax…
Read More20 Second Advisor: Why It’s Easy to Retire in GA.
Retiring takes a lot of hard work, saving, and discipline. However, if you chose to retire in Georgia, there are some great tax benefits that make the transition to retirement a little cheaper and easier. Here are the main benefits of retiring in GA: GA Retirement Income Exclusion: This allows GA taxpayers (age 65 and…
Read More20 Second Advisor: SECURE Act Means More Roth Conversions
The SECURE Act was recently enacted by Congress. There are several new rules pertaining to retirement such as new Required Minimum Distribution (RMD) ages, inherited IRA provisions, and accessing your IRA money for certain expenses. One of the planning opportunities that arises with the new law is potentially doing more Roth IRA conversions for retirees.…
Read More20 Second Advisor: Dead Fish or Incredible Meal?
Paying taxes is similar to the picture above…you either see dead fish or an incredible meal in the works! It’s all about perspective! No one likes paying taxes, and I don’t recommend you pay a dollar more than you have to. BUT, let me offer 3 reasons we should change our perspective on them: We…
Read More20 Second Advisor: A few things to know for your 2018 tax return
As of January 28th, the IRS started accepting returns for the 2018 tax year. Here’s a list of some of the changes you can expect as you file this year: A new 1040 form was released last year. The new version is about the size of a large postcard. But for those of you that…
Read More20 Second Advisor: When is the best time to invest in the stock market?
The media would have you think there are dozens of reasons to buy into or sell out of the market, but what the hard data shows is that most of the time, you should stick to a long-term investment strategy. Here are a few nuggets of wisdom when it comes to investing: I (the advisor)…
Read More20 Second Advisor: Have you been thinking about Bitcoin?
I have received numerous questions about Bitcoin over the last several months. Here are my key takeaways: Prices are driven largely by speculation (supply and demand) Impact of future laws and regulations is unclear It gets a lot of media attention, but in actuality, the total value of Bitcoin (as of 12/7/17) in circulation…
Read More34 things you need to know about the tax law
A great article was posted on CNN Money summarizing the main points you need to know about the incoming tax law. Here is the summary: 1. This is the first significant reform of the U.S. tax code since 1986. Reagan signed major legislation for corporations and individuals in 1986. Since then, serious tax reform has eluded Republicans,…
Read MoreYou received an inheritance, now what?
Research shows the average inheritance is spent within five years. As an advisor at Verisail, I have seen both sides of the coin. Some of my clients have done a great job at continuing to live their lives as if the inheritance wasn’t even there. I have witnessed other clients unwisely spend a significant portion…
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