Lizzul, Orgera & Weihs, CPA, P.C.

There are many key dates and approaching deadlines for us to explore capitalizing on.

Time-Sensitive Tax Planning: SECURE 2.0 Effective Dates — Lizzul, Orgera & Weihs, CPA, P. C. There are many key dates and approaching deadlines for us to explore capitalizing on.

For many nearing retirement, the excitement of entering the golden years can be overshadowed by fear. A qualified longevity annuity contract, or QLAC, is used by many retirees to help alleviate this concern.

Lifetime Retirement Income Options: Examining QLACs in 5 Easy Steps — Lizzul, Orgera & Weihs, CPA, P. C. For many nearing retirement, the excitement of entering the golden years can be overshadowed by fear. A qualified longevity annuity contract, or QLAC, is used by many retirees to help alleviate this concern.

This strategy can significantly lower your tax bill if you have NUA-eligible assets. However, ensure it is suitable for your situation and be aware of the strict rules surrounding the process.

NUA Timeline: “Trigger Events” — Lizzul, Orgera & Weihs, CPA, P. C. This strategy can significantly lower your tax bill if you have NUA-eligible assets. However, ensure it is suitable for your situation and be aware of the strict rules surrounding the process.

Health Savings Accounts (HSAs) offer tax benefits that can help you save for future healthcare costs. But how do you access the funds for out-of-pocket medical expenses once you’ve started saving?

Planning for HSA Distributions — Lizzul, Orgera & Weihs, CPA, P. C. Health Savings Accounts (HSAs) offer tax benefits that can help you save for future healthcare costs. But how do you access the funds for out-of-pocket medical expenses once you’ve started saving?

When the time comes for your beneficiaries to receive your IRA assets, are you confident they will use their inheritance in the way you’d want them to?

Is a Trusteed IRA a Good Strategy for You? — Lizzul, Orgera & Weihs, CPA, P. C. When the time comes for your beneficiaries to receive your IRA assets, are you confident they will use their inheritance in the way you’d want them to?

As we enter the holiday season, many are in the spirit of giving. A qualified charitable distribution, or QCD, is a solution many IRA owners age 70½ and older consider this time of year.

Navigating Qualified Charitable Distributions in 5 Easy Steps — Lizzul, Orgera & Weihs, CPA, P. C. As we enter the holiday season, many are in the spirit of giving. A qualified charitable distribution, or QCD, is a solution many IRA owners age 70½ and older consider this time of year.

Determining Tax on Roth IRA Distributions

Determining Tax on Roth IRA Distributions — Lizzul, Orgera & Weihs, CPA, P. C. When you opened your Roth IRA account, you may have assumed all distributions would always be tax-free. This, however, is a common misunderstanding that can leave you in a world of pain come tax season

Are you worried about remembering to take your required minimum distributions (RMDs) each year once you hit age 73? If you’re a traditional IRA account owner, this may be just one of the reasons you’re considering a Roth conversion.

To Convert or Not to Convert — Lizzul, Orgera & Weihs, CPA, P. C. Are you worried about remembering to take your required minimum distributions (RMDs) each year once you hit age 73? If you’re a traditional IRA account owner, this may be just one of the reasons you’re considering a Roth conversion.

Knowing your loved ones have financial support upon your passing helps provide peace of mind. With this in mind, many people use life insurance policies and Roth IRAs to provide income to loved ones and to leave an inheritance. Although both are effective wealth transfer tools, there are several differences between the two.

Leaving a Legacy: Life Insurance vs. Roth IRAs — Lizzul, Orgera & Weihs, CPA, P. C. Knowing your loved ones have financial support upon your passing helps provide peace of mind. With this in mind, many people use life insurance policies and Roth IRAs to provide income to loved ones and to leave an inheritance.

The opportunity cost argument surrounding Roth conversions suggests that an opportunity is lost by paying the conversion tax upfront instead of investing it. This argument claims that investors lose future earnings that the funds could have produced.

Download “Roth Conversions – Dispelling the Opportunity Cost Argument” for our argument dispelling this belief.

Roth Conversions – Dispelling the Opportunity Cost Argument — Lizzul, Orgera & Weihs, CPA, P. C. The opportunity cost argument surrounding Roth conversions suggests that an opportunity is lost by paying the conversion tax upfront instead of investing it.

Back-to-school season is upon us, which serves as a great reminder to consider how you can help your children or grandchildren fund their higher education.

Roth IRAs vs. 529 Plans — Lizzul, Orgera & Weihs, CPA, P. C. Back-to-school season is upon us, which serves as a great reminder to consider how you can help your children or grandchildren fund their higher education.

While tapping into your retirement account should usually be a last resort, some situations may cause you to consider accessing your money early.

Avoiding the 10% Tax Penalty — Lizzul, Orgera & Weihs, CPA, P. C. While tapping into your retirement account should usually be a last resort, some situations may cause you to consider accessing your money early.

If you intend to leave assets to multiple people, having them listed properly as beneficiaries is essential.

Planning for Multiple Beneficiaries — Lizzul, Orgera & Weihs, CPA, P. C. If you intend to leave assets to multiple people, having them listed properly as beneficiaries is essential.

If you missed the 60-day deadline for completing an IRA rollover due to an error or an unexpected life circumstance, the IRS has an option for individuals to self-certify for a waiver of the deadline so that they can complete a late rollover.

Fixing Rollover Mistakes with Self-Certification — Lizzul, Orgera & Weihs, CPA, P. C. If you missed the 60-day deadline for completing an IRA rollover due to an error or an unexpected life circumstance, the IRS has an option for individuals to self-certify for a waiver of the deadline so that they can complete a late rollover.

Learn how an IRD deduction can help offset the impact of federal taxes.

Calculating an IRD Deduction — Lizzul, Orgera & Weihs, CPA, P. C. Estate beneficiaries are often subject to a heavy tax burden when inheriting a loved one’s retirement assets. If the estate is subject to both federal estate and income taxes, consider the income in respect of a decedent (IRD) deduction to avoid double taxation.

If you inherit an IRA from a deceased loved one, it is crucial to know the complexities involved. Following the rules to effectively manage the account isn’t straightforward and varies depending on whether you are the deceased’s spouse, a non-spouse or a trust beneficiary.

Avoiding Non-spouse Beneficiary Mistakes — Lizzul, Orgera & Weihs, CPA, P. C. If you inherit an IRA from a deceased loved one, it is crucial to know the complexities involved. Following the rules to effectively manage the account isn’t straightforward and varies depending on whether you are the deceased’s spouse, a non-spouse or a trust beneficiary.

Are you looking for a way to secure a financially stable future for your child? An IRA may be the solution!

Using IRAs to Help Children — Lizzul, Orgera & Weihs, CPA, P. C. Are you looking for a way to secure a financially stable future for your child? An IRA may be the solution!

Increasing healthcare costs is one of the top concerns among Americans today. One option to consider to help pay for these costs is through a Health Savings Account (HSA).

Contributing to an HSA — Lizzul, Orgera & Weihs, CPA, P. C. Increasing healthcare costs is one of the top concerns among Americans today. One option to consider to help pay for these costs is through a Health Savings Account (HSA).

www.lowcpapc.com/blog/avoiding-spousal-beneficiary-mistakes-in-5-easy-steps

Avoiding Spousal Beneficiary Mistakes in 5 Easy Steps — Lizzul, Orgera & Weihs, CPA, P. C. Many are familiar with the adage, “nothing is certain except death and taxes.” If you are married, a time will come when you or your spouse face a grim reality and consequent financial decisions. Unfortunately, when handling these financial matters, spousal beneficiary mistakes are common. With ...

IRA rollovers have common pitfalls that can result in costly errors if not executed properly.

Top 10 IRA Rollover Mistakes — Lizzul, Orgera & Weihs, CPA, P. C. IRA rollovers have common pitfalls that can result in costly errors if not executed properly.

Divorce tends to present a myriad of difficulties as couples navigate their new normal. Ensure your retirement assets are properly handled to avoid additional stress.

Avoiding Financial Mistakes in Divorce — Lizzul, Orgera & Weihs, CPA, P. C. Oversight while splitting financial assets can result in one or both spouses paying unnecessary taxes and penalties. Ensure your retirement assets are properly handled to avoid additional stress.

You can still make specific contributions for 2022 until Tax Day and may be eligible for catch-up contributions.

2023 Retirement Plan Contribution Limits — Lizzul, Orgera & Weihs, CPA, P. C. Retirement plan contribution limits regularly increase. In response to inflation, the IRS announced substantial increases to many of these limits for 2023.

Managing taxes during retirement might be the single most critical factor influencing your retirement lifestyle. As you transition from working for an income to withdrawing income from your savings and investments, you might have questions.

Choosing the Right Tax Professional — Lizzul, Orgera & Weihs, CPA, P. C. Managing taxes during retirement might be the single most critical factor influencing your retirement lifestyle. As you transition from working for an income to withdrawing income from your savings and investments, you might have questions: How can I maximize my income while minimizing income taxes

Having second thoughts about your traditional or Roth IRA contribution? A recharacterization allows you to move your traditional IRA contribution to a Roth IRA or vice versa. Learn more!

STEP-BY-STEP GUIDE: Recharacterizing an IRA/Roth Contribution — Lizzul, Orgera & Weihs, CPA, P. C. Having second thoughts about your traditional or Roth IRA contribution? Maybe you had a surprise on your income taxes, an unanticipated rise in expenses, or discovered that your traditional IRA contribution was not deductible. Regardless of the reason, if you change your mind, a recharacterization a

Learn How to Avoid 60-day Rollover Mistakes in 5 Easy Steps.

Avoiding 60-day Rollover Mistakes in 5 Easy Steps — Lizzul, Orgera & Weihs, CPA, P. C. Rolling over retirement savings plans to an IRA is a common practice for employees transitioning to a new company or individuals simply looking to take advantage of the potential tax benefits of a traditional or Roth account. One method of rolling over funds to an IRA is a “60-day rollover,” whi...

On December 29, 2022, congress enacted the Secure 2.0 Act. Learn how this affects you and your plans for retirement.

Secure Act 2.0 Enacted — Lizzul, Orgera & Weihs, CPA, P. C. On December 29, 2022, the Secure 2.0 Act was enacted as part of the broader Consolidated Appropriation Act of 2023. The Secure 2.0 Act makes substantial changes to the rules for retirement accounts. Major changes in the new law include the following: Required Minimum Distributions will now start