Does it ever make sense to pay taxes on retirement savings sooner rather than later? When it comes to a Roth IRA, the answer could be yes. A Roth IRA is funded with after-tax dollars, and qualified withdrawals are entirely tax-free. Additionally, Roth IRAs aren’t subject to required minimum distributions (RMDs), which gives you greater control over your taxable income in retirement. [Read more...]
Nancy J. Winter, CPA – Social Security Survivor vs. Spousal Benefits
When most of us think about Social Security benefits, we think about our own retirement benefits. However, there are other varieties of Social Security benefits including spousal benefits and survivor’s benefits. Many people are easily confused by Social Security spousal benefits and survivor benefits. The two benefits are similar because they are both based solely on the spouse’s work history. However, following are some very important differences. [Read more...]
Nancy J. Winter, CPA – Why You Should File FAFSA Quickly
The Free Application for Federal Student Aid (FAFSA) is a form that current and future college students need to fill out each year. The FAFSA determines individual eligibility for student financial aid and unsubsidized federal loans. But since aid is limited, you have to meet the deadlines. [Read more...]
Nancy J. Winter, CPA – Claiming the Home Office Deduction in 2020
One of the significant side effects of the COVID-19 pandemic is a wave of people suddenly working from home. If you are in this situation, you may be wondering if you qualify for a tax break by claiming the home office deduction. The answer is, possibly. [Read more...]
Nancy J. Winter, CPA – How Much Can You Gift Without Paying Tax?
If you’ve given or received a large gift in the last year, you may need to pay tax on it if it’s over a certain limit. At the same time, you may not have to pay tax, depending on how much you have already gifted away over the course of your life. This type of tax is called the gift tax. [Read more...]