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Qualified Charitable Contributions for 2019

Posted by James Burns | Dec 09, 2019 | 0 Comments

We are nearing the end of 2019 and the opportunity to give for this year.  If a person has reached the age of 70.5 they can make cash donations to charities that are approved by the IRS that are outside of the scope of their IRA. These qualified charitable distributions will allow a person to red...

Should You Use Credit Or Debit Cards For Holiday Shopping?

Posted by James Burns | Nov 27, 2019 | 0 Comments

Holiday shopping is underway for many with “Black Friday” and “Cyber Monday” already behind us.  One small question you might ask yourself is whether you should pay for your items with a credit or debit card.  There's a lot of debate about whether you're better off using a credit or debit card b...

Malta Pension Plan is it the New Protected Roth?

Posted by James Burns | Nov 14, 2019 | 0 Comments

Overview of the U.S. – Malta Tax Treaty The U.S.-Malta Income Treaty was executed in 2008 and became effective in 2011.  Article 4, paragraph 2 of the Treaty provides that a pension fund established in either the United States or Malta is a “resident” for purposes of the Treaty, allowing  all o...

2020 Contribution Limits for Employer Sponsored Plans

Posted by James Burns | Nov 11, 2019 | 0 Comments

The 2020 contribution and benefit limits have been released by the IRS. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased. The following limits are applicable to 401(k), 403(b), most 457 plans, an...

2019 Catch Up Retirement Plan Contributions

Posted by James Burns | Oct 28, 2019 | 0 Comments

The IRS does a good job of providing the country's elder statesmen with ways to save for retirement. Some of the most popular investment vehicles the IRS provides access to for the benefit of US taxpayers include 401(k) accounts and a variety of IRAs. While both of these options provide a varie...

CALIFORNIA HOMESTEAD EXEMPTION OVERVIEW - Toothless Grin

Posted by James Burns | Oct 17, 2019 | 0 Comments

Under California law, declared homestead exemption and automatic homestead exemption are separate and distinct protections that operate differently. In re Mulch, Bkrtcy.N.D.Cal.1995, 182 B.R. 569. Under California law on homestead exemption, automatic homestead attaches to principal dwelling o...

What To Do When You Inherit Your Parents’ House

Posted by James Burns | Oct 09, 2019 | 0 Comments

The largest wealth transfer in the history of the world is currently in process. It's estimated that around $68 trillion will switch hands over the next 25 years. Baby Boomers are currently retiring, and many of them will pass of the scene within the next few years. Much of this wealth will be ti...

Medicare Open Enrollment

Posted by James Burns | Oct 09, 2019 | 0 Comments

It's that time of year again for Medicare's Open Enrollment!  Are you ready? If you are new to Medicare then it's important to know that Open Enrollment occurring in the Fall is only designated for changes to be made to current coverage.  These changes include: • Changing from regular Medicare ...

UPDATE: 2019 – 401(k) and IRA Limits

Posted by James Burns | Sep 22, 2019 | 0 Comments

 Although we assume many of our readers know what a 401(k) and an IRA are, let's cover these quickly. What is a 401(k)? 401(k) retirement, savings, and investment accounts are places to store money in which your contributions are typically matched – a portion of those earnings, usually not all of...

Extension On Offshore Account Disclosure

Posted by James Burns | Sep 22, 2019 | 0 Comments

The US Internal Revenue Service has announced an extension of the deadline for special voluntary disclosures by taxpayers with unreported income from offshore accounts. The extension, announced by the IRS on September 21, gives taxpayers until October 15, 2009, to make a disclosure. Under special...

Accountability In Your Personal Retirement Planning

Posted by James Burns | Sep 22, 2019 | 0 Comments

As the author of “The 3 Secret Pillars of Wealth” I have identified what I think are seven to eight steps all Americans need to respond to and become accountable to right now. Accountability is when you're going to get serious about what you're doing and where you're going. Jeff Combs, a great co...

Avoid Income Tax To Your Heirs When You Pass Away

Posted by James Burns | Sep 22, 2019 | 0 Comments

The IRD or Income Respective of Decedent: When we pass away and leave a sizable IRA or other deferred asset our heirs will have to pay the income tax on it personally. This often times increases the heirs own tax bracket causing terrible tax consequences when this can be diffused so easily. This ...

Was Gary Coleman’s Plug Pulled Without His Will?

Posted by James Burns | Sep 22, 2019 | 0 Comments

As Gary Coleman was unconscious in the hospital, his ex-wife, Shannon, gave the order to pull the plug.  Now Coleman's parents have come forward accusing the hospital of stopping the life support prematurely without the proper permission, saying Shannon no longer had the right as she was not his ...

You Can’t Fix Stupid – Employers Leaving California

Posted by James Burns | Sep 22, 2019 | 0 Comments

As a California business and support for other businesses it is sad to see the mass migration of businesses who can longer afford to stay here in California even after years of operations or founding the company in California. Not since the Jews left Egypt has there been such a mass exodus of peo...

Top 10 Important Ages for Retirement Planning

Posted by James Burns | Sep 22, 2019 | 0 Comments

It is never too early to begin thinking about retirement. Even if that season of life is decades away for you, the financial decisions that you make now can have a significant impact on your quality of life later down the road. As you begin planning for your future, it is important to have a guid...

Take a Summer vacation… for your mental health!

Posted by James Burns | Sep 22, 2019 | 0 Comments

The Forty-hour work week paired with a busy schedule tends to be a recipe for stress and burn out. While practicing daily self-care in small increments is an important piece to preventing burn out, periodically taking a prolonged break from our responsibilities and stressors is equally as importa...

How Much Is Retirement Costing You?

Posted by James Burns | Sep 22, 2019 | 0 Comments

No matter who becomes our new President it is almost assured that the entire marginal tax rate will have to shift and that means a deferred retirement plan will get hammered when you retire. Typically you put away money without tax for a number of years and then when you retire your taxed at ordi...

Is Your Pension at Risk?

Posted by James Burns | Sep 22, 2019 | 0 Comments

Everyone faces the concept of retirement at some point. The closer an individual gets to retirement age, the more concerned he may become about his ability to live comfortably after retirement. It may also make him wonder whether his retirement benefits will be available when he is ready to colle...

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