For Richer or Poorer: Financial and Legal Considerations in Marriage

Last year, the average U.S. wedding cost $32,641 — including engagement rings but excluding honeymoons — according to the 2015 Real Weddings Study published by The Knot, a wedding marketplace and concierge service. That staggering amount represents an increase of more than $5,500 over the past five years. On average, the couple foots 43% of the wedding bill themselves these days, and their Continue Reading

For Richer or Poorer: Financial and Legal Considerations in Marriage

Last year, the average U.S. wedding cost $32,641 — including engagement rings but excluding honeymoons — according to the 2015 Real Weddings Study published by The Knot, a wedding marketplace and concierge service. That staggering amount represents an increase of more than $5,500 over the past five years. On average, the couple foots 43% of the wedding bill themselves these days, and their Continue Reading

Five Last-Minute Moves to Lower Your 2015 Tax Bill

Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following Monday for most of the nation. The deadline will be Tuesday, Continue Reading

Work Out a Plan for Retirement Payouts

It takes a lot of years and hard work to arrive at retirement. Hopefully, you've been able to set aside enough funds in a company retirement plan to enable you to spend your golden years in relative comfort and security. Exceptions to the Early Withdrawal Penalty     The tax law imposes an additional 10 percent tax on certain distributions from retirement plans to discourage Continue Reading

Rollover Waiver in a War Zone

The tax law permits you to make a withdrawal from a qualified retirement plan and "rollover" the funds to a traditional IRA without any current tax, provided the rollover is completed within 60 days. Otherwise, the distribution is taxable as ordinary income in the year it is received. In addition, if the taxpayer is under age 59 and 1/2 at the time of the distribution, any taxable portion not Continue Reading

20 FAQs about Required Minimum Distributions

The rules for required minimum distributions (RMDs) can be bewildering, frustrating and potentially expensive to retirement savers and their beneficiaries. Avoid the Year-End Crush Taxpayers subject to required minimum distributions (RMDs) have until December to calculate and schedule RMDs from qualified plans and IRAs. It's not unusual for people to wait until the last moment to take Continue Reading

Lower Tax Bill with a Last-Minute Retirement Account Contribution

Tax Day is right around the corner. If your tax bill is higher than you'd like, there may still be an opportunity to lower it: If you qualify, you can make a deductible contribution to a traditional IRA right up until the Tuesday, April 15, 2014 filing date and still benefit from the resulting tax savings on your 2013 return. Small business owners can set up and contribute to a Simplified Continue Reading

IRA Rollover Court Case Contradicts Longstanding Interpretation

Our nation's tax laws are complex and may not always make sense to taxpayers. Even tax professionals have difficulty at times. In one new case, the U.S. Tax Court issued a ruling that contradicts what is clearly stated in an IRS document published to help explain the law and citizens' responsibilities. In the recent decision, the Tax Court ruled that the one-IRA-rollover-per-year limitation Continue Reading