Taxes
When does the 60-day period for IRA rollovers start?
When does the 60-day period for IRA rollovers start? Today’s question comes from Mike in Celebration, FL. “I want to do a rollover from one IRA to another. I read I have 60 days to get it done but no one mentions when that 60-day rollover clock starts. Is it when the check is cut…
Read MoreImportant tax changes for 2024
Important tax changes for 2024 Every year, there are changes to laws that affect our taxes. In our January newsletter, we outlined the new 2024 tax brackets which are adjusted annually based upon inflation factors. If your taxable income (gross income less deductions) is exactly the same in 2024 as it was in 2023, your…
Read MoreHow can I get my tax information to my preparer securely?
How can I get my tax information to my tax preparer securely? Tax season is upon us once again, and if you use a professional to prepare your taxes, they may have reached out to request your tax information and documents. Your most personal data is on these forms and might include your name, your…
Read MoreHow do higher interest rates affect personal finances?
How do higher interest rates affect personal finances? The most obvious effects of higher interest rates are that savers earn more interest income and borrowers pay more interest due to higher rates on loans, such as mortgages. But how else can higher interest rates affect personal finances? Our team came up with a few notable…
Read MoreWhat do high valuation differences in the market mean for your portfolio?
What do high valuation differences in the market mean for your portfolio? One way to characterize stocks is by the ratio of its price to earnings. The stock of companies that have high expected growth rates naturally sell for higher prices. These stocks are often referred to as “growth stocks.” However, an investor’s return is…
Read MoreWhen are Roth IRA distributions taxable?
When are Roth IRA distributions taxable? From Ken in Satellite Beach: I thought once you turned 59 ½ Roth IRAs are tax free but a 63 year old co-worker insists he had to pay some tax last year when he withdrew from his Roth IRA. What gives? Ken, it is possible to owe taxes on…
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