The new year is here, bringing with it lots of snow for the Kansas City area and the start of another tax season. Despite the ongoing government shutdown, the IRS has announced the 2019 tax filing season will officially begin on January 28th. However, it won’t just be another year, another tax … [Read more...]
Windward Tax Bulletin: Deduction Bunching and Donor-Advised Funds
Windward Tax Bulletin: Required Minimum Distributions
What are required minimum distributions (RMDs)? Required minimum distributions, often referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age … [Read more...]
Windward Passages: 2018 Year-End Tax Planning Basics
The window of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2018 tax year. Timing is everything Consider any opportunities you have to defer income to 2019. For example, … [Read more...]
Windward Tax Bulletin: Estate Planning and 529 Plans
When you contribute to a 529 plan, you'll not only help your child, grandchild, or other loved one pay for school, but you'll also remove money from your taxable estate. This will help you minimize your tax liability and preserve more of your estate for your loved ones after you die. So, if you're … [Read more...]
Windward Tax Bulletin: Navigating IRA Early Distribution Rules
Distributions from Traditional IRAs: Prior to Age 59½ In general A withdrawal from an IRA is generally referred to as a distribution. If you receive a distribution from your traditional IRA before you reach the age of 59½, the federal government considers this a premature distribution. Like … [Read more...]