Category Archives: Tax Education
4 Things You Need to Know Before Tax Day 2020
We’re approaching Tax Day 2020 very quickly. While most have already completed their tax return, others will do so within the next month. It’s important to understand how Tax Day could impact your retirement savings. Here are a few items you may want to add to your tax prep checklist. 1. Max out 401(k) and […]
How Unrelated Investment Income May Lead to UBIT
Did you know that a limited liability company (LLC), limited partnership (LP), or certain real estate-related investment assets could generate unrelated business taxable income (UBTI) and/or unrelated debt-financed income (UDFI)? When this occurs, UBTI or UDFI will likely subject your account to unrelated business income tax (UBIT). Have you factored in how UBIT could affect […]
Tax Day 2019 and How It Could Affect IRA Contributions
We’re about a month away from Tax Day 2019 (April 15). While many have already completed their tax returns, others will do so within the next month. Either way, it’s important to know how Tax Day could impact your Individual Retirement Account (IRA) savings. So, with Tax Day 2019 right around the corner, how could […]
An Overview of Tax Reform 2.0 Legislation
With all the focus on the Supreme Court recently, you might’ve missed the U.S. House passing Tax Reform 2.0. Passed on September 28, 2018, the legislation looks to make significant changes to the nation’s tax code. And as you likely recall, the U.S. tax code already experienced major changes via the Tax Cuts and Jobs […]
It’s Not Too Late to Recharacterize Your 2017 Roth Conversion
As a result of the Tax Cuts and Jobs Act, signed into law on December 22, 2017, recharacterizations of conversions will soon be a thing of the past. But you have one option left within the next few weeks. You have until October 15, 2018, to recharacterize your 2017 Roth IRA conversion. Previously, you could […]