Question: My husband died leaving me as the sole beneficiary of his individual retirement account. Should I roll over these funds to my own IRA to defer income taxes?
Tax Corner
Purchasing Life Insurance Through Premium Financing
Question: I want to purchase life insurance but do not want to liquidate my personal portfolio of securities to pay the premiums. Any suggestions for how I can accomplish this?
Defined Benefit Plans For Directors and Self-Employed Individuals
Question: I am a retired executive of a public company and received significant fees during 2020 from serving as a member of the board of directors of other companies. Is it too late to establish a qualified retirement plan to offset my income and, if so, what type of plan should I establish?
Tax and Other Considerations for Home Loans to Children
Question: My spouse and I recently loaned our daughter and her husband the full amount needed to purchase a home. None of this was documented. Is there anything we should be doing?
Year-End Planning with Tax Law Changes on Horizon
Question: With the 2020 calendar year coming to a close, can you provide some suggestions for tax planning moves to make before year-end?
Home Office Deductions During Covid
Question: I have been working from home since the onset of Covid in March of 2020. Am I entitled to an income tax deduction for the business use of my home office?
Deferring Payroll Taxes on Earned Income
Question: I own and operate a small business. Is it true that the new tax law enables me to defer all of the payroll taxes incurred on the wages I pay to my employees?
Repaying 2020 Required Minimum Distributions
Question: I took my required distribution from my IRA early in 2020. Now that the new tax law suspended the required distribution rules for 2020, is it too late for me to undo what I did?
Converting a Traditional IRA to a Roth IRA
Question: With the past and perhaps an impending further drop in the stock market, does it now make sense to convert my traditional IRA to a Roth IRA?
Accessing Retirement Plan Funds Under the CARES Act
Question: My wife lost her job as a result of her company downsizing during the pandemic
and our family is now down to one income. Is there an effective way to tap our retirement accounts for the shortage of funds we now have without undue tax cost?