Retirement planning

Adjusting a federal income tax return depends on personal tax circumstances, “such as the materiality of the error,” an expert says.

To help individuals and businesses prepare for filing season, Grant Thornton has released a collection of year-end tax tips.

Seniors hoping to begin retirement next year are advised to review their risk exposure, pay down their debt and save for additional health care costs.

One tip for younger clients is to create multiple income streams that are subject to varying tax treatments.

Parents can match their children’s savings in a Roth IRA dollar-for-dollar on the condition that they agree not to dip into the accounts until they retire.

If not addressed, the client may see a higher tax bill than was planned. That won't go over well at tax time next year.

Failing to enroll in a health care plan and taking on a hefty student loan debt are just two of the most common blunders younger clients should avoid.

"A long life is wonderful, but it is also costly and a bigger drain on resources," an expert says.

Those in the workforce will not owe taxes on rollovers to traditional retirement accounts, but will face consequences using the strategy with a Roth.

The gender gap is alive and well when it comes to career timeouts and savings often take the hit.