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September 2020

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Make the Most of Your 401(k) Plan

With the future of Social Security uncertain and company pension plans being cut back, careful management of your 401(k) becomes very important. Here are some basic guidelines to help you make the most of your 401(k) investments.

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Adjusted Gross Income (AGI)

Adjusted Gross Income (AGI) is a central term in the IRS vocabulary. Can you provide a working definition of the term? Doing so is often the starting point for effective tax planning.

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IRS Rules Make Retirement Plan Withdrawals Mandatory

Do you own a traditional IRA, SEP-IRA, SIMPLE IRA, Keogh plan, 401(k) plan, or 403(b) plan? If so, you’ll have to start taking distributions when you reach age 70. If you don’t, you’ll forfeit 50% of the amount you should have taken but did not. Learn more on our latest blog!

Tax Shifting Ideas to Reduce Your Bill to Uncle Sam

Because our tax system is progressive, the next dollar you earn could be taxed at a much higher rate. By shifting taxable income levels from one year to the next, you could potentially pay a lower tax amount in both. Here are six great ideas, detailed on our latest “Tax Tip of the Week”!

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Steven D. Struck – Staff Spotlight

When it comes to Steven D. Struck, many words come to mind: Baker Holtz Tax Partner, staff leader, extrovert, classic funny-guy. But there are also a few less common words that describe our tax-guru: New Jersey, people analyzer, and avid sports enthusiast. Learn more about Steve Struck and his influence on the world both inside and out of the four Baker Holtz walls on this month’s “Staff Spotlight”.

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A Gift Of Stock

Providing a gift of stock (or other property) to a friend or loved one can be a powerful tax planning tool. However, it is not without its complications. Information is key when using this strategy! Learn more on this week’s “Tax Tip”!