Are you strapped for cash? Then here’s some good news. The IRS has recently issued new rules designed to help people financially impacted by the COVID-19 epidemic. Thanks to the new rules, millions of people who qualify can withdraw up to $100,000 from their IRAs without penalty! Yes, the money must be repaid, but you have three years to return it; again, without … [Read more...]
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COVID-19: Two New Retirement Account Strategies You Need to Know Now
Good news! The new CARES Act made several retirement-account (RMD) tax-law changes that can save you a lot of money. To take advantage of these changes, there are two totally-legal, powerful strategies that you can put to use. What are they? We’ll give you all the money-saving details when you read the full article. IMPORTANT: Be aware that the new rules apply only … [Read more...]
COVID-19 Crisis Creates Silver Lining for Roth IRA Conversions
If you’ve ever considered convertingyour traditional IRA to a Roth IRA… Why? Because the financial fallout from the COVID-19 crisis has created a once-in-a-lifetime opportunity to do a profitable Roth IRA conversion. You see, you’ll be able to make the conversion at an affordable tax-cost and protect yourself against future tax-rate increases. You’ll get the whole … [Read more...]
COVID-19: New SBA Loans for Small Businesses—Maybe a Great Deal
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ I don’t have to tell you that the terrible COVID-19 virus pandemic has devastated … [Read more...]
Eight Answers to Questions About the SECURE Act
In late December 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement Act” (SECURE). If you have questions about how the new SECURE Act affects your retirement and Section 529 planning, you are not alone. We’ve received many questions from readers of the Tax Reduction Letter that deal with the impact the SECURE Act will have on their retirement … [Read more...]