Joseph E. Madden, CPA: Client Resource Center

Practical answers for your questions

609 W Main St., Suite 101 • Denison, TX 75020

Phone: 903-465-1040

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Suggestions and topics to help plan for a better future, including your retirement.

Tax

There's Still Time to Fund Your IRA

Looking for a last minute way to reduce last year's taxable income? Consider funding a Traditional IRA or Roth IRA. Here is what you need to know. Read article

Tax Tips to Aid in Retiring Early

The federal government needs all its citizens to plan for a financially secure retirement. In an effort to assist in planning for retirement, there are a number of provisions in the tax code that benefit seniors. Are you aware of them and using them to your advantage? Read article

Avoiding the 10% Early Withdrawal Penalty

While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs. Read article

Is a Roth IRA Right for You?

Roth IRA or Traditional IRA? The answer is never easy, but perhaps asking the right questions can make your decision easier. Here are some thoughts. Read article

Avoid the 50% Penalty!

Each year select clients must withdraw minimum amounts from their qualified retirement plans. If you don't the penalty is a severe 50% in addition to paying regular income tax on the withdrawal. Don't let this happen to you. Read article

Should you convert to a Roth IRA?

One of the most challenging questions concerning Roth IRAs is whether or not you should convert your existing IRA to a Roth IRA. Here on some thoughts on the matter. Read article

Understanding Tax Terms: Basis

This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property. Read article

So You Sold Your Home, Now What?

There is a fairly large tax exclusion on the gains made when selling your main home. While the gain may be large enough to avoid worrying about the tax consequences, if done wrong you could be saddled with a large tax bill. Here is what you need to know. Read article

Where Do You Think You're Going?!

Suppose you retire in a new state with warm weather and lower taxes. If you keep a part-time home in your original state or you later decide to return, you could have a tax problem. Here are some tips to help you stay on the right side of the state taxman. Read article

Key Tax Filing Date Changes

In 2016, tax return filing deadlines are changing for some. If you have foreign bank accounts, expect to receive a Form K-1 from a partnership or LLC, or participate within a C-corporation you will need to know this information Read article

Retirement

Everyone needs a financial plan

Often one person in the household manages the financial affairs. Unfortunately, that means one person will be left in the cold during a divorce or death. If this fits you or someone you know, think about spending some time understanding your financial situation. Here are some ideas. Read article

Tax Surprises for Newly Retired

Re-balancing your portfolio when you get older makes sense. So does anticipating for these possible tax surprises during your retirement years. Read article

Retirement Account Funding after Retirement

Most tax beneficial retirement accounts limit your ability to contribute to them after you reach age 70 1/2. But there are exceptions. Consider these account options if you wish contribution flexibility as you get older. Read article

How to have a comfortable retirement

If you're age 35 or more and haven't made a serious effort to plan for retirement, your dreams of a comfortable and active retirement could turn into the nightmare of being old and poor. Here are some ideas to get you on a sound retirement path. Read article

Retirees and taxes

When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here's a quick overview of the tax and financial breaks available as you reach a certain age. Read article

IRS Rules Make Retirement Plan Withdrawals Mandatory

Do you own a traditional IRA, SEP-IRA, SIMPLE IRA, Keogh plan, 401(k) plan, or 403(b) plan? If so, you'll have to start taking distributions when you reach age 70. If you don't, you'll forfeit 50% of the amount you should have taken but did not. Read article

Solo 401(k) plans: A retirement plan option for one-person businesses

Many business owners have considered 401(k) plans to be retirement plans for large companies. Now a solo 401(k) is an option for business owners. Is it right for you? Read article

2022 Social Security

The Social Security Administration recently announced their 2022 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know. Read article

Roll it Before You Pull it

The tax code is long and complicated. And, unfortunately, inconsistent on how it handles similar provisions. This is especially true when it comes to early distributions from retirement plans. Sometimes rolling over funds from one plan type to another prior to taking money out of the plan can save you money. Read article

Forced to Withdraw from Retirement Accounts?!

We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But once we reach retirement, did you know the government does an about-face and forces us to take money out of those accounts? It's called the required minimum distribution (RMD) rule. Here are some tips you should know about RMDs well before you reach retirement age. Read article

Practical answers for your questions

Tax

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