The CARES Act of 2020 allowed taxpayers who were subject to Required Minimum Distributions (“RMD”s) from their retirement accounts to waive those distributions for the 2020 tax year.
The November election is less than two months away. The Parkside team wants to briefly summarize the tax platforms of the two candidates and recommend actions for clients to consider depending on the election outcome.
On June 23rd, the IRS updated details of the CARES Act waiver related to required minimum distributions (RMDs) already taken in 2020. Read on for our summary of the key updates and considerations for redepositing RMDs taken earlier in the year.
To help ease burdens associated with the Coronavirus (COVID-19) pandemic, the Internal Revenue Service (IRS) announced some changes to tax filing and payments in 2020. Read on to find a summary of major points of interest for Parkside Advisors clients.
“Setting Every Community Up for Retirement Enhancement Act” The SECURE Act was signed into law on December 20, 2019. Here is a summary of some of the major changes included in this new law that may affect Parkside Advisors clients. We plan to incorporate these changes into our financial and tax planning discussions with clients based on their individual situations. Should you have any more immediate questions or concerns, please don’t hesitate to contact the firm to schedule a call or meeting. Required Minimum Distributions (RMDs) from retirement accounts will start at age 72 now, rather than age 70½ IfRead More
This month the Parkside blog comes in the form of a podcast. In this recent episode of Founders and Friends, Scott Orn of Kruze Consulting interviews Parkside’s Audrey Grubman and Christina Kramlich on relevant financial topics for startup employees, founders, and investors. As many of our clients know, Audrey has worked with startup employees since establishing the firm in the mid-90s. The podcast reviews various forms of equity compensation and discusses the reasons to understand the details of one’s compensation very early on and make a plan. There are also some common pitfalls that founders and startup execs should keepRead More
When we sit down with new clients to review their recent federal and state tax returns, we often find opportunities for tax reduction.
Are you withholding for taxes at the proper level in 2018? The Tax Cuts and Jobs Act (TCJA) made significant changes to the tax rules and double checking may avoid possible penalties.
Part of the new tax law designates 8,000 low-income areas throughout the U.S. as Opportunity Development Zones. What our clients need to know about the tax benefits and potential social impact opportunity.
Many employer plans now contain both a regular 401(k) plan and a Roth 401(k) option. The regular 401(k) allows an employee to defer up to $18,000 of compensation in 2017 ($24,000 for folks age 50 or older) before taxes. The benefit of regular contributions is that you reduce your taxes at the time of contribution, allow the earnings in the plan to compound over time, and defer taxes until you withdraw funds during retirement, when you will possibly be taxed at a lower rate. Contributions to a Roth 401(k) are made after-tax, i.e., contributions do not reduce your taxable income/taxesRead More