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Money Matter$

Insights from the Sommers Financial Management Team

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Delay Taking Your RMD - Even Beyond 2020

At age 72, the government is ready to begin collecting tax on all of your deferred income and growth inside your IRAs and 401(k)s but you want to avoid paying the tax. What can you do? There are a least four legitimate strategies to delay or avoid taking RMDs.

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Tax Strategies to Help Charities

Since the tax changes in 2018, most Americans are using the standard deduction rather than itemizing, as the standard deduction has nearly doubled—and SaLT tax deductibility is limited to $10,000. That means charitable contributions—which are itemized deductions—no longer have the same tax benefit for most. There are two ways you can plan to maximize the impact of your generosity: Donor-Advised Funds (DAFs) or Qualified Charitable Distributions (QCDs) from your IRA.

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