L&H Insights

Factor in State and Local Taxes When Deciding Where to Live in Retirement

Posted by L&H CPAs on Jun 28, 2018 12:33:38 PM

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.

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Tags: Retirement Planning

Apply for a Waiver If You’ve Missed the 60-Day Ira Rollover Deadline

Posted by L&H CPAs on May 1, 2018 9:39:45 AM

IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for life, for example, your children or other heirs can stretch out distributions over their lifetimes, maximizing the IRA’s tax-deferred growth and preserving more wealth for the family.

If, however, you receive a distribution from an employer plan (such as when you change jobs or retire) and you don’t roll over the funds into an IRA or new plan within 60 days, you can lose these benefits. 

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Tags: Retirement Planning

You May Need to Add RMDs to Your Year-End To-Do List

Posted by L&H CPAs on Dec 5, 2017 6:12:37 AM

As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to check off the to-do list before year end: Take required minimum distributions (RMDs).

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Tags: Retirement Planning

Retirement Savings Opportunity for the Self-Employed

Posted by L&H CPAs on Nov 8, 2017 6:05:53 AM

Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So whether you’re a “full-time” independent contractor or you’re employed but earn some self-employment income on the side, consider setting up one of the following types of retirement plans this year.

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Tags: Retirement Planning

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