Our services include an in-depth consultation on the different types of retirement accounts and the tax advantages of each, as well as how to contribute to these accounts. Traditional IRAs, Roth IRAs, 401(k)s, SIMPLE IRA's and SEP IRA's have distinct tax treatments and benefits, with our guidance you'll understand the differences.

Retirement contributions must be made by the tax filing deadline. The contribution amount increases for inflation year after year, and you may be eligible for a catch-up contribution if you meet certain requirements. We'll make sure you know what these limits are as well as any catch-up contributions you may be eligible for.

Factors such as your tax filing status, income, and coverage by a workplace retirement plan impact the deductibility of contributions to a Traditional IRA. Our expertise in retirement contributions ensures that we accurately calculate your deductible contribution and associated tax savings.

Our role is to ensure that clients are fully informed about the tax consequences of their retirement account activities, whether they are in the accumulation or distribution phase. We provide advice on the tax implications of distributions from retirement accounts, including early distributions and the associated 10% tax penalty, as well as meeting the requirements for a tax-free distribution from a Roth IRA.

Missing Required Minimum Distributions can result in a 50% excise tax and the SECURE Act of 2019, which raised the RMD age to 72 for some individuals, has increased the complexity of these regulations. Our team is up to date on calculating RMD's and avoiding the 50% tax for missed distributions.

We guide beneficiaries through the intricacies of the new rules brought on by the SECURE Act, including the requirement for most non-spouse beneficiaries to distribute the entire balance in the first 10 years of the original owner's death. Our expertise helps beneficiaries navigate the challenges and opportunities of inherited assets in a tax-efficient way.

Converting a Traditional IRA to a Roth IRA can be a strategic decision for many taxpayers. We provide comprehensive analysis on this conversion, considering the immediate tax implications and the potential for tax-free growth and distributions in the future. This service is particularly beneficial for those anticipating higher tax brackets in their retirement years.

Beyond immediate tax concerns, our service extends to long-term tax planning and projections. We consider our clients' overall tax situation to optimize their retirement contributions and distributions. This involves analyzing the impact of various distribution strategies, projecting future tax liabilities, and planning for the efficient transfer of retirement assets.

Should the IRS audit your tax return or have any questions regarding your retirement accounts, we are here to offer representation and assistance. Our licensed tax advisors have the knowledge and experience to defend you in case of an audit.