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...]
Retirement
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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...]
Three traps to avoid when tapping your IRA for medical expenses
It’s bad enough to be sick. But what can make you even sicker is the 10% early-withdrawal penalty the IRS assesses when you tap your traditional IRA to pay medical expenses. Want to avoid this non-deductable penalty and get better without the pain of losing some of your IRA’s value? We’ll show you how when you read my new article titled Tax Tips: Three Traps to Avoid … [Read more...]
How to avoid a $15,000 penalty!
Have you got a solo 401(k) plan with more than $250,000 in it? If you do, here’s a question you need to answer now: Did you, your tax preparer, or plan administrator file a 5500-EZ? If you’re not certain, you better check this out immediately because a failure to file could cost you a lot of money in fines. Want to find out if you’re at risk and what to do if you are? … [Read more...]