If you have a tax-deferred account, such as a traditional IRA or 401(k), you're probably aware of the concept of Required Minimum...

As our parents age, conversations about their future become increasingly important. One of the most delicate yet essential topics to address is estate planning. While discussing this can feel daunting, it’s vital for ensuring that their wishes are respected and that loved ones are protected. Here are some engaging tips to help navigate this conversation with sensitivity and care. Start with Empathy Approach the topic with empathy. Recognize that discussions about estate plann

The Tax Cuts and Jobs Act of 2017 lowered taxes for millions of Americans, but the legislation is due to expire at the end of 2025, which means that if Congress doesn’t act, taxes will rise for many Americans. Massive overhaul At the most basic level, the Tax Cuts and Jobs Act of 2017 was a massive overhaul of the federal tax code that took effect in 2018. In fact, it was the largest piece of tax reform in three decades. It created a 21% flat corporate tax rate, which was per

Every January when people are awaiting the arrival of their W2 and 1099, nerves set in knowing that a portion of your earnings will go to taxes. With Joe Biden becoming the 46th President of the United State, it is not uncommon for people to wonder what we can expect from his administration when it comes to taxes. Biden will likely be quickly making changes to portions of the 2017 tax act signed by former president Donald Trump. The Tax Cuts and Jobs Act of 2017 made several

Making things easier for your heirs is not difficult, but it may take a few hours to compile. Try breaking the task into manageable sections

At Penny Lane Financial, we can help you lay out a plan to minimize your tax liabilities during retirement.

As you know, Congress and President Trump enacted a significant tax reform bill in December, so let’s briefly review how this new tax bill is going to affect individuals starting this year. The biggest thing you’ve probably heard about is the increase in the standard deduction. Married filers will see a $24,000 standard deduction in the 2018 tax year, and single filers will see a $12,000 standard deduction. This doubles the prior standard tax deduction, which will help ma

3. Try to avoid probate. Probate is a legal process that can be expensive and cumbersome. People go through probate after someone dies and t

If you're committed to becoming a financially secure senior , you can take advantage of accounts created to make saving easier by providing you with generous tax breaks. In fact, there are three key retirement accounts you can use to amass a substantial nest egg with a little help from the government. Your 401(k) plan Around three-fourths of employers in the U.S. offered access to a 401(k) plan to workers in 2016, while those who are self-employed can open a one-participant