Widow’s Penalty Pitfall

Compared to past joint tax return filing with their deceased spouse, a surviving spouse may land in a higher marginal tax bracket – referred to as the “widow’s penalty.” Unfortunately, the Tax Cuts and Jobs Act (TCJA) has made the widow’s penalty more severe in many instances.

With this in mind, clients, even in their 70s or 80s, may consider greater traditional IRA withdrawals or Roth IRA conversions as a means to take advantage of preferable marginal tax rates. It is important to act while both spouses are alive.

The Tax Cuts and Job Act of 2017: What It May Mean for You

After prolonged negotiations between both houses of Congress, significant federal tax reform was signed into law by the President in the final week of 2017. What began as a Republican‐led blueprint for a simplified tax system in late 2016 became a 500+ page bill in its final form. The new tax laws will affect the vast majority of individuals and businesses through revised tax rates, as well as some noteworthy changes to deductions.

Is There Still Time to Contribute to Your IRA or Roth IRA for 2016?

If you would like to maximize your tax-deferred assets and you have not fully funded your traditional IRA or Roth IRA for 2016, you have until April 18 to make a contribution, since the usual tax filing date of April 15 falls on a holiday weekend this year.

10 Things You Should Shred

It’s almost time for spring cleaning.

While you’re thinking about what needs cleaning in your house, don’t forget to declutter by getting rid of unnecessary documents.

When contemplating this thankless task, a major hang-up, besides time, is determining what you can safely toss. Or better yet, shred, so the documents don’t fall into the wrong hands.

Here are 10 things you can safely shred: