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We often find that many people have pressing questions regarding their specific financial, tax, and estate situations. As CPAs, we specialize in providing you with honest answers, based on your best interest.

What questions do you have?

Tax Preparation

Tax Strategy

401(k) Rollovers

Roth IRA Conversions

Long-Term Care

Social Security
Income & Benefits

Retirement Planning

Qualified Charitable Distribution

Frequently Asked Questions

Regarding taxes, social security, and retirement accounts.

Diversify retirement income sources between social security, pensions, rentals, brokerage accounts, savings accounts, bonds, and more. Reduce your expenses. Pay off your mortgage before retirement. Maximize dividend income and stay below the 15% capital gains tax threshold. Keep IRA and 401(k) withdrawals low. 

In general, there are many things you can do to reduce your taxes. At our firm, our goal is to provide you with specific answers about how best to structure your retirement plan to maximize tax savings.

A 401K is an employer-sponsored retirement plan.

IRA stands for individual retirement arrangement. An IRA is an individual retirement arrangement that allows you to save for retirement in a tax-advantaged way.

Schedule a complimentary consultation to discuss how to transition your limited-option 401(k) from your former employer to an IRA, allowing you a wider range of investment options.

If you have a 401(k), contribute enough money to take advantage of the free money available through the company matching funds. If you’ve maxed out your company’s matching contribution, or don’t have a 401(k), consider an IRA.

If you’re self employed, the owner of a small business, or just interested in  increasing your retirement savings, we can help you with a retirement plan designed specifically for your situation. 

Review your 401K payout policy and create an income stream (retirement paycheck) from your savings. Take note of 401(k) fees and consider rolling it over into a fee-free IRA. Assess all your retirement income strategies.

At our firm, we can transfer your retirement accounts (401k, 403b, TSP) into an IRA. We don’t charge any fees for the service. 

You likely won’t pay any fees or penalties to roll-over your 401(k) into an IRA. To avoid taxes or fees on your roll over, be sure to fill out roll-over paperwork and file it properly with your former employer and the new custodian of your IRA.  Improperly filed roll-over paperwork will prevent you from accessing up to 20% of your retirement savings until tax refunds are posted by the IRS. There is a chance the IRS may not refund that money. 

Schedule a complimentary consultation at our firm, and we can begin the roll-over process, or just answer your questions about it. 

When you leave your job you have several options for your 401(k). You can cash it out, but  it will become taxable and you will have to pay a penalty if you’re under 59 1/2 years old. You can leave it where it is, consolidate it with the 401(k) at your new employment, or transfer it into a Individual Retirement Arrangement (IRA). 

At our firm, we can help you decide what’s best for your situation and help you transition your 401(K) to an Individual Retirement Arrangement.

You can begin taking social security benefits as early as age 62 (or earlier if you’re the survivor of another social security claimant, or on disability). You can wait until as late as age 70. You only get maximum social security payments if you wait until full retirement age (FRA). FRA varies between age 66 and 67 for people born after 1954. If you begin taking benefits at age 62 your payments will be smaller than if you waited until FRA.

At our firm, we can provide you with professional advice on which year you should begin taking benefits for the highest payout.

Analysts recommend a retirement income of 80% of your final employment income. The average retirement household income is about $48,000 before taxes and spends about $46,000 per year. The average social security income in retirement is about $40,000 per year. 

Schedule a complimentary consultation with us to receive professional advice on your ideal retirement income and begin designing a plan to position you to achieve it.

Create a legal document to ensure the payment of debt by the buyer. Determine needs versus wants. Keep a personal financial balance sheet. Start an emergency or rainy day savings fund. 

At our firm, we create a personal retirement plans that fit your lifestyle and income. Schedule a complimentary consultation to discuss this, along with other options. 

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OTHER IMPORTANT TOPICS
WE CAN SPEAK TO

Learn ways to protect your estate from long-term care expenses

Learn how to avoid being forced to sell your assets or surrender your money to Medicaid

Learn how to receive long-term care benefits while remaining in your own home

Learn about best practices to investing and alternatives to the stock market

Discover the pitfalls of probate and the steps you can take to avoid it

Learn why a living trust may be more effective than a regular will, and why you may need one

Learn when you should not put your children on your bank accounts and property titles

...and more!

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