An IRA is one way you can save money for retirement. What can you contribute to an IRA? When can you take money out? Who manages the IRA? Look for answers to these questions and more in the articles, blog posts, videos and radio shows.
“How long should I keep my tax paperwork?” This is a tax question people ask me regularly, often while they are pleading to be released from the towering burden of mounds and mounds of tax records. It’s probably not practical to store the paperwork forever, but you know my “rule of records”: the minute you [...]
You don’t need to be rich to start investing or saving money. Even people working at their first jobs or newlyweds living on a tight budget can develop the habit of saving. Here are five ways to automate your savings program to make it effortless: 1. Set up a savings account and simply arrange automatic [...]
Saving money for retirement can be difficult, especially if you’re living paycheck to paycheck. Every dime counts, and putting $50 into savings can feel like a punishment when you know that money could go toward something you need or want now. But what if there was some incentive—other than retirement—that could inspire you to save, [...]
One of the universal truths about all New Year’s resolutions is everyone seems to find it hard to keep them. While it’s not the end of the world if you don’t stick to your resolutions, there are some that you may want to work extra hard to keep. The seven tax resolutions you should make [...]
A couple of years ago, I was invited to a presentation put on by an aggressive financial planner about all the reasons I and other tax professionals should try to convince our clients to begin investing in Roth IRAs instead of traditional IRAs and 401(k) plans. What did I learn? That if those of us [...]
I started my tax career in a national CPA firm a long time ago. What shocked me about filing taxes with this particular firm was that it was charging $250 to prepare a simple tax return. What’s the big deal? Back then, $250 got you a nice two-bedroom apartment. Today, that same apartment would run [...]
In 2013, the payroll tax holiday that lowered workers’ taxes by 2 percent came to an end. This effectively raised each individual’s payroll tax from 4.2 percent to 6.2 percent. That might not sound like a lot, but employees have already found that the change takes a big chunk out of their paychecks. How much [...]
Aah….This time of year is filled with generosity. Even curmudgeons are infected with the holiday spirit. Remember, however, that not everyone is enjoying this season’s largess. This year and last, many people’s lives have fallen apart. People who used to be your neighbors or coworkers—or even you—are now out of work, clutching at unemployment checks, [...]
From Don: I've heard that the requirement to make Required Minimum Distributions from an IRA has been "waived" for calendar year 2009. I've looked di...