What is an RMD?

No, it’s not the abbreviation of a hot new rock band.  In financial parlance RMD stands for Required Minimum Distribution.  It is the amount that traditional IRA and qualified plan participants must start distributing from their retirement accounts by April 1 following the year they reach age 70.5.

We realize that April 1st has long since passed, but this is no April Fool’s joke.  You need to stay on top of this!  RMD’s are determined by dividing the prior year-end fair market value of the retirement account by the applicable distribution period or life expectancy.  By the way, Roth IRAs do not require withdrawals until after the death of the owner.

Matters of taxes and business formations are best handled by a top Las Vegas CPA.  The right person for the job may well be Michael Mathews.  This is a great time of year to make an appointment at his Northwest office located in the Lakes to discuss the financial future of yourself and your business.  Make an appointment by calling (702) 240-5237.

Retirement Plans for 2018.

Maybe the new year is your big year for finally enjoying the fruits of your labor.  The new year is just weeks away and retirement may be on your mind.  It’s one thing to look forward to enjoying travel leisure.  It is another thing entirely to be financially able to do all of that unless you have stowed away millions for this exciting time of your life.

While you were accumulating a lifetime of wealth taxes were always in the back of your mind.  That WILL NOT change during retirement!  Taxes obviously must be paid on distributions from qualified retirement plans.  These plans include 401K’s, IRA’s, etc.  It takes careful planning to manage excess taxation when your income ceases.

There is even something called “discounted retirement”.  You might want to talk to a professional to get more information on this option.  Las Vegas area financial retirement expert Mike Mathews may be the answer to all of your retirement planning questions.  Why not make an appointment this fall at his beautiful Regatta Drive office by calling (702) 240-5237?

Is This Your Last Year?

Yikes…we don’t mean it that way!  Is this the year, the big 2017 when you finally decide that enough is enough?  You have worked hard and successfully for all of those decades and now you have earned the right to retire.  It is time to enjoy the fruits of your labor and experience the great things that you never had time to do.

You may think that in addition to life being simpler that protecting your hard-earned lifetime income might be just as easy. Tax returns, for instance change dramatically when you go from work-mode to retirement-mode.  Initially, you may drop into a lower tax bracket only to be bumped up again when you are forced to draw from your retirement fund.

All of this, and much more should be sorted out by a professional.  That man in Las Vegas is Mike Mathews.  Mike is a seasoned retirement tax pro.  He will help you plan this important year and the even better ones to come so that you get to keep and distribute every dollar that you deserve.  Make an appointment at his beautiful Regatta Drive office by calling (702) 240-5237.

Required Minimum Distributions.

Here in the heart of the tax season it is important to cross your t’s and dot your i’s.  How long have those retirement funds been sitting in your account?  They can’t stay there indefinitely.  Generally speaking, you must begin withdrawing funds from IRAs by the time you reach 70 ½ years of age.  Roth IRAs are the exception.

Of course, the amount that you withdraw will be included in your taxable income.  That excludes any part that was already taxed when it went in.  Calculating the proper amount to take and even more importantly WHEN to take it might be something that you want a professional accountant to weigh in on.

We know the right person for all of your tax preparation and accounting needs.  He is Las Vegas tax preparer Mike Mathews.  You will appreciate his hard, detailed work as if the money were his own.  You also will enjoy the serenity of his office in The Lakes located at Regatta Drive.  Call him to make your 2017 tax preparation appointment at (702) 240-5237.

Understanding Required Minimum Distributions.

With the New Year approaching it is time to get a handle on some of the boring stuff.  I know, but it’s important stuff too!  Required Minimum Distributions or (RMDs) are the bare minimums that those who have a retirement plan must withdraw starting with the year they reach 70 ½.  If you are still working, then that year could be deferred.

In cases where the retirement account is an IRA the RMDs MUST begin at 70 ½.  Whether it is a simple retirement plan or an IRA the owner is solely responsible for taking the correct amount every year from their account.  Failure to do so will result in a stiff penalty from Uncle Sam.  I told you this stuff was boring, but necessary. 

Unless YOU are a trained CPA you don’t want to be responsible for this year after year.  I will tell you someone who IS whom you can trust every New Year.  He is Las Vegas CPA Michael S. Mathews.  From his beautiful office located at 2620 Regatta Drive in Las Vegas he will sit down with you and discuss all of your accounting needs.  Make an appointment with Mike for the New Year at (702) 240-5237.