Have you missed the 60-day deadline for completing an IRA rollover due to an error or an unexpected life circumstance?
Fortunately, the IRS has created an option for individuals to self-certify that they are eligible for a waiver of …
HomeCategoryTaxes Archives - Bailey Wealth Services
Financial PlanningInvestmentTaxesTax Loss Harvesting – Turning a Negative Into a Positive
June 2, 2022by Bailey Wealth Services
Conventional investing wisdom is to buy low and sell high. But you may be able to lower your tax liabilities by going against that wisdom and selling investments at a loss.
In a non-retirement account, tax-loss harvesting is the …
What is an IRD (Income in Respect of a Decedent) deduction?
An IRD deduction is a way of offsetting the impact of double taxation (federal estate tax and income tax) on certain inherited assets. It’s an income tax deduction …
Financial PlanningInvestmentRetirementTaxes5 Potential Benefits for a Roth IRA
April 22, 2022by Bailey Wealth Services
…The Roth IRA is a powerful retirement account that’s available to Americans even if they don’t have an employer-sponsored retirement plan such as a 401(k). That is, all working Americans have access to a plan that provides serious tax advantages
RetirementTaxesUsing a Tax Refund to Fund an IRA in 5 Easy Steps
March 31, 2022by Bailey Wealth Services
…If you received a tax refund this tax season, you are likely pondering what to do with it. Instead of purchasing a new car or taking a nice family vacation, what if you invested that money in a way that
If you’ll be receiving a tax refund, you have several ways to receive the money, as well as spend it.
If you’ll be receiving a federal tax refund this year, congratulations! In fact, if you filed your taxes more
Maxing out your retirement account contributions can be a smart financial move not only to help reduce your tax bill but also to ensure you’re setting aside enough money for the future. But do you know how much you’re allowed …
TaxesChoosing the Right Tax Professional
February 10, 2022by Bailey Wealth Services
With a New Year comes a fresh start, which means now may be a good time for you to consider whether or not you’re working with the right tax professional. With the April deadline just a couple of months away, …
TaxesCalculate Your RMD in Five Easy Steps
November 24, 2021by Bailey Wealth Services
What is an RMD (required minimum distribution)?
An RMD is the minimum amount that must be withdrawn from a retirement account each year. The SECURE Act replaces annual RMDs with a 10-year payout period for most non-spouse beneficiaries who inherit …
Let’s be clear: charitable giving is a standalone act whose value is to benefit others.
But for high-net-worth individuals, it is not conflicting to point out tax considerations when making charitable contributions. The considerations are not to deter giving; rather, …