Most versions of economic and finance theory take the approach that humans are rational and will likely make the best decisions given their specific circumstances. Unfortunately, theory is not reality. In reality, humans often make irrational decisions. Often, these choices are influenced by psychological factors that can be explained through […]
When a family member has a disability, whether it be physical, intellectual or emotional, the costs of care can be significant. Every-day expenses can include not only food and shelter but also specialized medications, assistive devices, special education, transportation, at-home nursing care and much more. Over time, those expenses will […]
A Roth IRA is a unique retirement savings account that allows eligible individuals to set aside money today for a potentially tax-free income stream in the future. Like a traditional IRA, a Roth arrangement allows individuals to make annual contributions of up to $5,500 in 2017, or $6,500 for savers […]
The Trump administration introduced the key principles of what it is referring to as “the most significant tax reform since 1986” and “the biggest tax cuts in history.” Central to the president’s plan are deep reductions in the corporate income tax rates and modest reductions in the individual income tax […]
Individuals who have spent the time to gather documents to prepare for their annual filing of federal income tax returns, may find now to be an ideal time to take a closer look at how they title financial accounts and assets and whom they named as beneficiaries to eventually receive […]
A memo recently issued by the IRS to its employee plan (EP) examiners offers important guidance that may help clarify 401(k) sponsors’ obligations relating to safe-harbor hardship distributions, which have been a frequent source of IRS examination. Safe Harbor 401(k) Hardship Distributions Under U.S. tax laws, companies that sponsor […]