Tax planning

A Roth conversion “not only to minimize heirs’ tax burden but also to sustain the growth of [their] retirement savings."

The HSA has become increasingly valuable for future medical expenses, "and the triple tax benefit simply can’t be ignored,” an expert says.

They are advised to consider making amendments if they want to take advantage of temporary tax provisions that Congress extended retroactively in December.

Why do advisors focus so heavily on planning for a lifestyle change that may never happen?

Pre-retirees are encouraged to save aggressively and create a list of things they plan to spend their money on without remorse, an expert says.

While it’s recommended they have at least three sources when they retire, just 6.8% of savers have done so, according to a report.

As the wealthy often sidestep estate taxes, one law professor offers a code change that forces heirs to pay income and payroll taxes on all inheritance.

Relief comes as a result of the short notice firms were originally given to comply with the Secure Act, the agency says.

Retirement savers stand to gain more by investing their money instead of taking an interest-free reimbursement.

Along with other decisions, dating the amount of money they need to withdraw would help them in retirement planning and spending.

The potential for higher taxes next year may accelerate deals.

Failing to pay taxes on side-gig earnings and keeping faulty records of business-related expenses must avoided to prevent an excessive tax burden.

This rise of the so-called grey divorce has created a number of uncommon and complex issues for retirement accounts.

Ill-prepared investors are advised to vigorously plan their expenses and aggressively save in their 401(k)s and IRAs.

The accounts will be managed through Wealthscape, allowing advisers access to their client’s finances to help manage rising healthcare costs.

The agency recently estimated a gap of $381 billion in unpaid tax from 2011-‘13, which equates to roughly 14.2% never being submitted.

The Avantax Wealth Management parent views HK Financial as another way of working with CPAs and tax professionals branching into the field.

While some tax-planning tasks can be time-sensitive, the challenge is to tackle the others that aren’t in a calculated fashion, an expert explains.

The Secure Act was designed to expand retirement savers’ options but it has subsequently all-but-eliminated the stretch IRA for beneficiaries. It's on advisors to make clients aware of the major change.

Knowledgeably navigating 401(k) and IRA movements can have a massive impact on tax burdens — and the client relationship.