IRS

7 Reasons Why All Investors Over Age 70 1/2 Should Consider a Qualified Charitable Distribution

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Our observation is that many people are very generous with the donations they make.  It sure helps that there is likely a tax deduction for this, no question.  Many people are accustomed to donating cash, writing a check to the… Continue Reading: 7 Reasons Why All Investors Over Age 70 1/2 Should Consider a Qualified Charitable Distribution

3 Proven Reasons You Need a Roth IRA

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA To be eligible for a Roth IRA you need to have earned income from wages or from self-employment.  Additionally higher income earners are not eligible.  Married couples filing a joint return with a modified adjusted gross income of less than… Continue Reading: 3 Proven Reasons You Need a Roth IRA

When You Should Take Your Required Minimum Distribution Early

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Required Minimum Distribution The Internal Revenue Service (“IRS’) requires taxpayers to begin to take their Required Minimum Distribution (“RMD”) from their IRA’s and 401(k) plans by April 1st following the year they turn 73. Failure to take this RMD will… Continue Reading: When You Should Take Your Required Minimum Distribution Early

The Difference Between a Roth IRA and an IRA

This article on savings during retirement is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA The Roth IRA and an IRA both offer different tax advantaged ways to save for retirement. If you are serious about your retirement plan take these 5 Easy Steps to Retirement. Roth IRA In 2021, investors… Continue Reading: The Difference Between a Roth IRA and an IRA

Tom Quoted on CNBC about Tax Consequences of Getting Proof of Home Improvements for Tax Purposes

Local CFP, Local CPA, CFP Thomas F. Scanlon of Manchester, CT quoted by CNBC.com on July 5, 2022. These 5 metros have the most million-dollar homes: If you’re selling, here’s what to know about the tax consequences PUBLISHED TUE, JUL 5 20227:30 AM EDTUPDATED TUE, JUL 5 20227:39 AM EDT Kate Dore, CFP®@KATEDORE KEY POINTS:… Continue Reading: Tom Quoted on CNBC about Tax Consequences of Getting Proof of Home Improvements for Tax Purposes

3 Easy Things to Know to Get Tax Smart Investing

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA 1. Know Where to Start Most advice would suggest starting with knowing your goals. This is good advice with financial planning; it’s just not the first place to start. The first step is to have an adequate Cash Reserve.  Everyone… Continue Reading: 3 Easy Things to Know to Get Tax Smart Investing

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