Your Estate Plan: Don’t Forget About Income Tax Planning

Your Estate Plan: Don’t Forget About Income Tax Planning

Many people no longer need to be concerned with federal estate tax because of the current estate tax exemption amount ($12.06 million in 2022). Before 2011, a much smaller exemption resulted in estate plans attempting to avoid it. Now, because many estates won’t be...
Social Security Benefits: Do You Have to Pay Tax on Them?

Social Security Benefits: Do You Have to Pay Tax on Them?

Once some people begin claiming Social Security benefits, they are surprised to find out they’re taxed by the federal government on the amounts they receive. Wondering whether you’ll be taxed on your Social Security benefits? The answer is: It depends. The taxation of...
Is It a Good Time for a Roth Conversion?

Is It a Good Time for a Roth Conversion?

The downturn in the stock market may have caused a decrease in the value of your retirement account, but if you have a traditional IRA, this decline may provide a valuable opportunity. It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost....
The Ins and Outs of Series EE Savings Bond Taxation

The Ins and Outs of Series EE Savings Bond Taxation

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box. One of the main reasons for buying U.S. savings bonds (such as Series EE...