From time to time clients ask, “How can I use my IRA to help my children or others? Can I use my IRA to loan money to my children to buy a home or start a business?” Unfortunately, the short… Read More
From time to time clients ask, “How can I use my IRA to help my children or others? Can I use my IRA to loan money to my children to buy a home or start a business?” Unfortunately, the short… Read More
Everyone knows the story of the Titanic. The “unsinkable” ocean liner struck an iceberg at 11:40 p.m. on April 14, 1912, and sank before dawn on the next day, resulting in the deaths of 1,517 people in one of the… Read More
This article is a potpourri of tax changes that are affecting many of our clients. We’ve divided the changes into two main categories: 1) those affecting retired clients; and 2) those affecting our young accumulators. Some of these changes occur… Read More
Starting with stock sales made this year, there will be a change in the way that brokers (such as TD Ameritrade) are required to report the transactions. Investors will receive more information, which will make recordkeeping and tax accounting easier…. Read More
It’s about time. Beginning in 2011, all paid tax preparers will need to register with the IRS and will be subject to a standardized set of educational, training, and ethical requirements. As an Enrolled Agent, I support the higher standards… Read More
Lower mortgage interest rates are good news for homeowners who are seeking to refinance and for those who are looking to purchase a home. Lower rates add flexibility to the negotiation of loan terms, mortgage interest, points, financed amount, and… Read More
Alert to college and high school students working a summer job. If your total income goes over $5,700 for the year, you’ll need to file a tax return for 2010. If you earn less than $5,700 but also have investment… Read More
Many people who live in the Mid-Atlantic region consider moving to lower-cost areas when they retire. BWFA has clients who have done so. These days, with the financial pressures on individual states, it is worth considering both the tax burden… Read More
In December 2009, U.S. Sen. Tom Harkin (D-Iowa) introduced legislation that would create a financial transaction tax on purchases and sales of securities in the U.S. markets. U.S. Rep. Peter DeFazio (D-Oregon) proposed similar legislation in the House. Mutual funds… Read More
Most of us think we pay a lot of taxes, probably too much, but what does your total tax burden look like? Of course there is state and federal income tax, calculated and paid now at tax time, but there… Read More