Special rules for inherited IRAs

Normally, retirement plan distributions made to a nonspouse beneficiary after the account owner’s death are taxable at the time they are received and cannot be rolled over to the beneficiary’s own IRA. However, employer-sponsored retirement…

SEPs — One last chance to lower your 2014 tax bill

Simplified Employee Pension (SEP) plans are sometimes regarded as the “no-brainer” first choice for many high-income small business owners who do not currently have tax-advantaged retirement plans set up for themselves because of the generous…

Avoid gift treatment by paying expenses directly

The annual exclusion for gifts remains at $14,000 for 2015. (Married couples can gift up to $28,000 combined.) This limit applies to the total of all gifts, including birthday and holiday gifts, made to the same individual during the year. However,…