Saving for retirement on a tax-advantaged basis should be on nearly everyone’s financial “to do” list, though in this current economic crisis, you may need to put it on the back burner for a time.

Making contributions to a Roth IRA is one tax-wise way to save, because you can take withdrawals after age 59 1/2 that are free from federal income tax, assuming you’ve had at least one Roth account open for more than five years. Of course, Roth contributions are nondeductible, but they are valuable because you reap tax savings on the back end of the deal. (more…)

Two things in life are certain: death and taxes. While you can’t live forever, there are still some ways to collect tax-free income. Here’s a list of common federal-income-tax-free opportunities for individuals. (more…)

Suppose you own real estate properties for investment purposes. Further assume that you would like to achieve the following:

1. You no longer want to manage the real estate properties.

2. You want your heirs to avoid probate after you die.

3. You want to save on taxes, if possible.

One option to consider is transferring the property to a trust — either revocable or irrevocable. (more…)

Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16.

The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It’s intended to reduce the U.S. deficit by about $300 billion. Other revenue would come from stricter enforcement of tax compliance by the IRS. (more…)

KWC Certified Public Accountants (KWC) today announced its expansion in Richmond, Virginia through a merger with Kimble CPAs.

“We are excited to expand in the Richmond market,” said Connie Hammell, Managing Principal at KWC. “Adding the Kimble team strengthens our existing Richmond presence and provides additional opportunities to serve our mutual clients in this market.”

Kimble CPA has extensive experience in service to closely held interests, not-for-profit entities, and individuals. The firm serves clients located in Virginia, their home base, as well as in California, Florida, Maryland, Texas, West Virginia, and Wyoming. In addition to basic audit, tax and accounting engagements, Kimble has provided counsel on important financial decisions, key employment choices, trust and estate planning, business expansions, and international matters.

“As a StrengthsFinder firm, Kimble has always sought to leverage the talents that each of our partners, managers and staff bring to the table,” said Kimberley VanHuss, Kimble CPA Co-Founder and Tax Partner. “Through this merger with KWC, we are enhancing our commitment to bring the right people to the right project to provide the best results and client experience. I am thrilled for this new venture, which is a win for both our teams and the individuals and businesses we serve.”

Kimble CPA was advised on the transaction by Sterling Point Advisors, an M&A advisory firm based in Richmond, Virginia. “This combination has everything you look for in a great partnership – from alignment of culture to complementary capabilities and services,” added Luke Campbell, Managing Director at Sterling Point. “It has truly been a privilege to help Kimble start this exciting new chapter. They could not have found a better partner.”

Whiteford, Taylor & Preston provided legal counsel to Kimble, and Rees Broome provided legal counsel to KWC.

When unused flexible spending account (FSA) balances are forfeited back to employers under the “use-it-or-lose-it” rule, employers have several options for what they can do with the money. Here is what employers need to know after first covering some necessary background information. (more…)

Here’s a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student’s chances for getting financial aid later. (more…)

Are you new to self-employment? Working for yourself doesn’t mean you must forego tax-advantaged retirement savings. In addition to contributing to a traditional IRA, there are two basic retirement plan options that may make sense for self-employed individuals: Simplified Employee Pensions (SEPs) and SIMPLE IRAs. Here are the pros and cons of these plans. (more…)

Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you don’t want your children to realize how much they may receive after your death. Or maybe you think your choice of heirs could change in the future. (more…)