As we watch the calendar turn from November to December we may think of a few things; the holiday season and shopping for friends and family, the end of yet another year, and maybe the cold weather and snow. This year, there is something else to think about too; the window to opt-in to the Department of Defense’s Blended Retirement System closes on 31 December 2018. If you are a service member who is eligible to opt-in and still are not sure what you should d
A key provision of the 2017 Tax Cuts and Jobs Act (TCJA), Section 199A, commonly referred to as the Qualified Business Income (QBI) deduction, allows non-C Corp business owners the opportunity to deduct a percentage of their net business income to lower their overall taxable income. This deduction, when combined with the lower tax brackets put in place by the TCJA could make this the right time for you to do a Roth conversion.
If you are a reservist* and have been mobilized onto Active Duty, you may be eligible to take money out of your qualified retirement plan without incurring the normal IRS penalties associated with an early withdrawal.
by John Cooney on Aug 7, 2018
It is always a jarring time for you and your family when you get notified that you will be deploying. As your mind races about your job, your family, and your mission, it can seem like there are thousands of things for you to do, and often there actually is! A deployment can also be a time of opportunity, for you personally and financially. One of the benefits afforded to you as a servicemember deployed to a combat zone is that the income you earn as a member of the military in the combat zone is excluded from income taxes (you still pay social security and medicare taxes). The tax-free
The Tax Cuts and Jobs Act (TCJA), passed just at the end of 2017, made some of the most significant changes to the tax code in decades, and you have probably heard numerous takes on how good or bad the legislation is. This is not going to be a discussion of the merits of the bill, but instead, I will highlight three changes that taxpayers can use to their advantage starting as early as 2018. Just one big note, this is for 2018 taxes, due in April 2019. For your 2017 taxes, due in April of 2018, the old tax rules still apply.
As we move into the holiday season and with the end of the year fast approaching, it is always good to take some time out and make sure you are doing some year-end planning with regard to taxes. Regardless of your personal situation, there may be some small steps you can take (or have to take) to stay in compliance with the IRS or to take advantage of the tax laws to avoid a bad situation come April 15th.