Now Might Be a Good Time for a Roth Conversion
A cost-benefit analysis could help determine whether it would be beneficial to pay taxes on some of your IRA assets now rather than later. One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject […]
There’s Still Time to Contribute to an IRA for 2021
Making a last-minute contribution to an IRA may help you reduce your 2021 tax bill. If you qualify, your traditional IRA contribution may be tax deductible. And if you had low to moderate income and meet eligibility requirements, you may also be able to claim the Saver’s Credit for 2021 based on your contributions to […]
2022 Key Numbers
IMPORTANT DISCLOSURES Dightman Capital does not provide tax or legal recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be […]
New Global Tax Accord Takes Shape
The proposed 15% global minimum corporate tax rate is intended to discourage multinational companies from setting up their operations in foreign countries with the lowest tax rates. After more than four years of international negotiations taking place mostly behind the scenes, 132 countries — representing more than 90% of worldwide gross domestic product (GDP) and […]
American Families Plan Would Provide Benefits for Some, More Taxes for Others
The American Families Plan includes $1.8 trillion in proposed investments and tax credits for American families and children over a period of 10 years, as well as tax increases for those who earn more than $400,000 annually. On April 28, 2021, the White House released a fact sheet for President Biden’s American Families Plan (AFP), […]
Enhanced Child Tax Credit for 2021
Recent legislation made substantial, temporary improvements to the child tax credit for 2021 that may increase the amount you might receive. If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents […]
How Much Annual Income Can Your Retirement Portfolio Provide?
More ways to help stretch your savings Don’t overspend early in your retirement Plan IRA distributions so you can preserve tax-deferred growth as long as possible Postpone taking Social Security benefits to increase payments Adjust your asset allocation Adjust your annual budget during years when returns are low Tax considerations Prolonging your savings may require […]
Common Factors Affecting Retirement Income
When it comes to planning for your retirement income, it’s easy to overlook some of the common factors that can affect how much you’ll have available to spend. If you don’t consider how your retirement income can be impacted by investment risk, inflation risk, catastrophic illness or long-term care, and taxes, you may not be […]
Due Date for Federal Income Tax Returns and Payments Postponed to May 17
Tax deadline for most individuals: Monday, May 17, 2021 Due to the unusual conditions related to the coronavirus pandemic, the due date for individuals to file 2020 federal income tax returns and make tax payments has been postponed by the IRS from Thursday, April 15, 2021, to Monday, May 17, 2021. No interest, penalties, or […]
Gift and Estate Taxes
If you give away money or property during your life, those transfers may be subject to federal gift and estate tax and perhaps state gift tax. The money and property you own when you die (i.e., your estate) may also be subject to federal gift and estate tax and some form of state death tax. […]
