Category: Estate Planning

Estate Planning

Mega Backdoor Roths Can Help 401(k) Participants Supersize Retirement Savings by Jeffrey M. Mutnik, CPA/PFS


Posted on August 13, 2021 by Jeffrey Mutnik

Employer-sponsored 401(k) plans are excellent vehicles for individuals to save for retirement during their prime earning years. Annual contributions made today with pretax dollars grow tax-deferred until you reach retirement age, when the distributions you take are treated as taxable ordinary income. However, even if you are diligent and contribute the maximum allowable amount to […]

How Does the SECURE Act Affect Your Retirement Savings Plan? by Adam Cohen, CPA


Posted on May 11, 2021 by Adam Cohen

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law at the end of 2019 to help more Americans prepare and plan for greater financial security during their retirement years. As the average life span increases, people need more money to maintain their standards of living in retirement. However, not […]

Social Security Announces Minimal Cost of Living Adjustment for 2021 by Jeffrey M. Mutnik, CPA/PFS


Posted on November 03, 2020 by Jeffrey Mutnik

Recipients of Social Security benefits, including Supplemental Security Income (SSI), will receive a modest 1.3 percent cost-of-living adjustment in 2021, down from 1.4 percent in 2020, according to a recent announcement from the Social Security Administration. This meager bump during the financial challenges brought about by the COVID-19 pandemic will bring just a few extra […]

IRS Grants Certain Deductions for Estates and Non-Grantor Trusts, Including Excess Deductions on Termination by Jeffrey M. Mutnik, CPA/PFS


Posted on October 13, 2020 by Jeffrey Mutnik

The Internal Revenue Service (IRS) recently issued final regulations that allow decedents’ estates and non-grantor trusts to claim certain deductions that would otherwise have been disallowed under the 2017 overhaul of the tax code. The Tax Cuts and Jobs Act (TCJA) barred individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable […]

Individuals, Businesses Receive More Incentives to Make Charitable Donations in 2020 by Jack Winter, CPA


Posted on June 02, 2020 by Jack Winter

The financial impact of the COVID-19 health crisis will leave a lasting impression on individuals and businesses throughout the world. For nonprofit organizations that rely on public donations to fund research and services for those in need, the pandemic can be devastating. In response, the CARES Act offers U.S. individuals and businesses greater incentives to […]