Tax season 2026 is shaping up to be a big one for Arlington residents. There are adjustments in local property assessments, and some major federal provisions from the 2017 Tax Cuts and Jobs Act are expiring. Staying organized before the year ends isn’t just smart—it might save you a headache or two. Getting a jump […]
Best Practices for 2026 Tax Season in Arlington, VA: Key Strategies and Updates Read More »
Are you exploring ways to make the most of any leftover 529 Plan funds? Thanks to the Secure 2.0 Act, you now have the option of using a 529 Plan to Rollover into Roth IRA- thereby taking advantage of those unused education savings towards creating a more tax-efficient path to retirement security. Essentially, you’re transferring
Using a 529 Plan to Rollover into Roth IRA: A Guide for Families Read More »
As a limited partner, you’re stepping into a unique position in the investment world that allows for an intriguing blend of participation and passivity. Often, the income derived from your role within a partnership is classified as passive income, which offers both tax benefits and potential challenges. This categorization is often beneficial since passive losses
Investing as a Limited Partner and Passive Income/Losses: Key Insights and Strategies Read More »
When planning your retirement savings as a self-employed individual, understanding the differences between a Solo 401k vs SEP IRA is crucial. The Solo 401(k) often offers higher contribution limits and the ability for those aged 50 and above to make catch-up contributions, a feature not available with a SEP IRA (Simplified Employee Pension IRA). This
Solo 401k vs SEP IRA: Key Differences for Retirement Planning Read More »
Are you considering taking more control over your retirement savings? A Self-Directed IRA (SDIRA) might be the perfect solution for you. Unlike traditional IRAs or Roth IRAs, a Self-Directed IRA gives you the opportunity to invest in a wide range of assets, including but not limited to real estate, private equity, and even cryptocurrencies. This
Self-Directed IRA: Maximizing Your Retirement Investments Read More »
Navigating the rules for Required Minimum Distributions (RMDs) can be complex, especially when handling an inherited IRA. If you inherit an IRA from a decedent who passed away after December 31, 2019, you are generally required to liquidate the account by the end of the 10th year following the year of the IRA owner’s death.
Inherited IRA RMD Rules: Essential Guidelines for Beneficiaries Read More »
When doing retirement planning, understanding the ins-and-outs of 401(k) accounts is crucial. You may find yourself in a position where you can contribute to multiple 401(k) plans, especially if you’re juggling employment at different companies or you have a side business. It’s important to know that while you can have more than one 401(k), there
How Many 401(k)s Can You Have: Understanding Your Retirement Options Read More »
Have you ever considered purchasing an investment property to rent for income? While it can be a great idea, it is important that you understand rental income tax regulations before diving in, especially since it has a direct impact on your financial performance and investment outcomes as a landlord. In this article, I’ll provide an
Understanding Rental Income Tax: Essential Resource for Property Investors Read More »
If you’re looking to save on taxes and invest in your future retirement, an Individual Retirement Account (IRA) can be a great option. One potential benefit of an IRA is the ability to deduct contributions from your taxable income. In this blog, we’ll explore the ins and outs of IRA tax deductions. Firstly, it’s important
Maximizing Taxes with IRA Contributions Read More »
Taxpayers are able to take advantage of increased contributions limits in 2023. As part of its changes to a group of cost-of-living adjustments, which includes increases in social security and income tax bracket changes, the federal government announced that individual employee contribution limits will increase to $22,500 from the $20,500 in 2022. Defined plan provisions
IRS Increases Retirement Contribution Limits for 2023 Read More »
