Did you receive a surprise payment from the IRS into your checking account on July 15th? No this is not a scam, and more payments are likely on the way! Congress increased the Child Tax Credit for families as part of the coronavirus relief package this spring. Rather than receiving the entire tax credit at…
The American Families Plan The following informational summary is not intended to promote or reflect any opinion(s), analysis, or recommendation(s) from PDS Planning, Inc. as it relates to the cost(s) or benefit(s) of the proposed legislation. The information below has been copied from the “Fact Sheet: The American Families Plan” as laid out by the…
2020 Tax Filing Deadline Extended In case you have been hearing mixed information related to the upcoming IRS tax deadline, we would like to provide clarity on the subject with information directly from the IRS. The deadline to make a 2020 tax year contribution to a Traditional IRA or Roth IRA has been extended to…
Estate & Legacy, Retirement, Taxes
Inherited IRAs – Your Must-Know Basics You’ve inherited an IRA. What happens now? Are you the son, daughter, brother, sister, niece, nephew, friend, that has inherited an Individual Retirement Account (IRA) from someone (basically, anyone but your spouse)? If you answered yes to this question, then you are subject to Required Minimum Distribution (RMD) rules…
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Update In response to the COVID-19 pandemic, Congress passed the CARES Act to provide economic relief across the economy. While the entirety of the CARES Act is lengthy, many of the provisions in the legislation likely have a direct impact on every one of us. We…
Estate & Legacy, Retirement, Taxes
A recent post from Jamie on his WealthAdviceMadeSimple blog regarding the SECURE Act. Setting Every Community Up For Retirement Enhancement (SECURE) Act was recently signed into law by President Trump in December and offers a meaningful impact for retirement legislation. A more extensive overview of the law’s provisions can be found here, but for purposes…
A recent post from Jamie on his WealthAdviceMadeSimple blog helping to provide you with ‘Clarity in a complex financial world.’ Cue up the Andy Williams because It’s the Most Wonderful Time of the Year! According to the Tax Foundation, most Americans have to work nearly 4 months each year just to pay their…
Are you still trying to finalize your charitable giving for the year? Is it even more confusing when you are not sure how the new tax legislation might impact the deductibility of your gift? There is no question the new tax legislation will impact how you might treat your charitable gifts this year. For…
There are many great reasons to use Ohio’s 529 Savings Program through CollegeAdvantage, but the tax savings might be the best yet! As of January 1, 2018 the state income tax deduction has doubled from $2,000 to $4,000 per beneficiary, per year. Saving for you child’s education has other benefits for you as well: The…
Well, it’s finally here. We’ve been hearing about tax reform for a long time and now it is headed to President Trump’s desk for signature. To fully digest this new information will take months as interpretations get ironed out. Today’s commentary is designed to cover more pressing considerations as it relates to 2017 and steps…
Chances are, you’ve recently filed your tax return with the IRS for 2015. And the outcome is rarely one to celebrate. Either you owe the Federal, State or Local government more money, or you are getting a refund. A refund, that served as an interest free loan to that respective taxing authority. To make matters…
It’s your life. Plan for it. That’s our motto and here at PDS Planning we want you to feel prepared for the 2015 tax season. Click Here to view a simple timetable from Charles Schwab as a good reference if you would like to know when to expect your 1099.
As 2014 draws to a close, it’s time to give consideration to your retirement savings for 2015. The IRS has increased several of the retirement saving limits for individuals. Here are just a few of the basic ones for your reference. 2014 2015 Elective deferrals – 401(k), 403(b), and most 457 plans $17,500 $18,000 Catch-up…
It’s that time of year again, the time when we all work hard, get our last minute shopping done, attend countless social events and prepare ourselves for another New Year right around the corner. Before you finish up 2014 though, take a moment to consider some year-end tax planning ideas. Roth IRA Conversion It’s a…
