Medicare is the federal health insurance program for everyone age 65 and older in the United States. Generally, the different parts of Medicare exist to cover specific healthcare services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the federal government.
IRS Update: Understanding the 10-Year Rule for Inherited IRAs and Qualified Accounts
The Internal Revenue Service (IRS) has provided another update to the rules governing IRAs and qualified accounts. On July 14, 2023, the IRS issued Notice 2023-54 that announced the following:
- Final Regulations will apply to distributions starting in the calendar year 2024.
- Missed RMDs from Inherited qualified accounts and IRAs are forgiven and not subject to excise tax if the original owner died after RBD in years 2020, 2021, and 2022 and the beneficiary has 10 years to distribute the qualified account.
Only 36% of adults think that they are on track to retire. The main barrier to retiring on time is a lack of proper planning and sufficient savings. However, there are 7 common mistakes that people make when they create their retirement plans:
- Not accounting for longevity
- Not accounting for taxes
- Not staying in shape
- Not adjusting your investments for age
- Not accounting for market ups and downs
- Not having a spending plan
- Not accounting for poor health
We will go into each of these common mistakes in more detail to help you understand how to avoid them in your own retirement planning.
It's 401(k) Day, and there is no better time to check in on your retirement fitness.
In the spirit of that, JMB Financial Managers has put together our five most useful tips for ensuring your investments are on course. Keep reading to learn more.
Did the 2020 tax season leave you feeling blue? For many small business owners and independent contractors like yourself, the sting of the tax bite is just wearing off. Now is the perfect time to recoup and revamp your tax strategy for 2021. In this article we’re going to discuss three ways business owners can save on taxes in 2021: