As you probably know, a traditional IRA is a wonderful tax-advantaged way to save for a secure retirement. What you might not know is that the rules concerning the inheritance of a traditional IRA can be tricky. In fact, the smallest mistake can prove extremely costly. This is especially true if you inherit an IRA from someone other than your spouse. Want to make sure … [Read more...]
Retirement
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Hard facts expatriates have to face
Thinking about leaving the U.S. and becoming a resident of another country? Or renouncing your U.S. citizenship? Or giving up your long-term residency and expatriating? You can take these steps if you want to but be aware that they’ll have serious tax consequences you need to know about. My advice? Before you pack your bags and wave goodbye to Uncle Sam, take a minute and … [Read more...]
A warning about self-directed IRAs
Self-directed IRAs can make a lot of sense for successful business people. It offers you more flexibility than a traditional “vanilla” IRA or 401(k) plan. Which means you could possibly wind up with a much bigger nest egg for retirement. But remember, a self-directed IRA also comes with some serious risks. So be warned… If you have a self-directed IRA and make a “prohibited … [Read more...]
Six ways to make your IRA work for charities
Are you 70 ½? Do you have an IRA? Do you want to help your church, school, and favorite charities and save money? Then read my new article titled Tax Tips: Age 70 1/2 or Older? Make Your IRA Donate Directly to Charity The Challenge: Sure. Your IRA is a great way to save for retirement. But when you hit 70 ½, you’re going to have to start taking money out of your IRA … [Read more...]
Beyond the FBAR: Discover Little-Known Tax Traps in Foreign Reporting
It’s a fact … The IRS is going after taxpayers who fail to report their offshore accounts. Yes. You may have filed your FBAR and/or form 8938 and think you’re in good shape, but be aware … Uncle Sam has piled on a bunch of little-known international reporting requirements plus stiff penalties for non compliance. Want to stay out of big trouble with the IRS? Easy! Read … [Read more...]