Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

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Posts about Personal Finance

08 October 2021

Mega-Rich Backdoor IRA Strategies May Backfire If New Tax Bill Passes

a proposed tax code will prove a remarkable exception if the House has its way. The legislation would mandate an annual required minimum distribution for retirement accounts exceeding $10 million and is aimed at accounts used as tax shelters by the rich rather than at the low-and middle-income savers who the tax-advantaged nest eggs were originally created to help.

David M Robson

Personal Finance

05 October 2021

Required Minimum Distributions Have Resumed for 2021

RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s, SEP IRAs and other qualified retirement plans. The tax code does not allow taxpayers to keep funds in their qualified retirement plans indefinitely. Eventually, assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions, or if the distributions are not large enough, he or she may have to pay a 50% penalty on the amount that is not distributed.

David M Robson

Personal Finance

01 October 2021

How Understanding the ‘Rule of 72’ Helps You Make Personal Finance Decisions

The Rule of 72 is a helpful, easy-to-understand formula that predicts how many years it takes money to double based on a specific rate of return. You can use it to make decisions about where to put your money based on how much time you have for it to grow and what your risk tolerance is

David M Robson

Personal Finance

14 September 2021

Higher Income Individuals Beware

The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have only included a portion of the proposed changes.

David M Robson

Personal Finance

02 September 2021

Complications to the IRA-to-Charity Distribution Provision

The tax code allows taxpayers to transfer from their IRA to qualified charities. The tax provision is called a Qualified Charitable Distribution (QCD), and has been a popular way for retirees to make charitable contributions.

David M Robson

Personal Finance

23 August 2021

Consumers Lost Over $500 million Due to Covid-related Fraud

It will be many years before we have a full understanding of what COVID-19 cost us as a society.

David M Robson

Personal Finance

17 August 2021

With the Potential Higher Capital Gains Rate Looming

The U.S. Treasury recently released the Biden administration’s 2022 Fiscal Year Budget, that includes a general explanation of the administration's 2022 revenue proposals. The publication is commonly referred to as the “Green Book” and outlines the Biden administration’s tax proposals. Keep in mind these are proposals and will have to be passed by Congress.

David M Robson

Personal Finance

29 July 2021

Minimizing Tax on Social Security Benefits

If Social Security is your only source of income, it is generally not taxable. On the other hand, if you have a significant amount of other income, as much as 85% of your Social Security benefits can be taxable.

David M Robson

Personal Finance

21 July 2021

Here’s how to take a page from the ultra-wealthy playbook and make full use of Roth Individual Retirement Accounts

We’ve all heard the term “the rich get richer.” It turns out that one of the ways that truism is perpetuated is through the strategic use of tax-sheltered Roth individual retirement accounts (IRAs). The good news is that the same approach is available to the man on the street. The only thing you need is the know-how.

David M Robson

Personal Finance

08 July 2021

Back-Door Roth IRAs

Many people saving for retirement tend to prefer Roth IRA's because the accumulated earnings and retirement distributions are tax free, but not everyone is able to make Roth contributions.

David M Robson

Personal Finance

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