What is an annuity?
An annuity is a type of insurance investment designed to offer a consistent and dependable flow of income during one’s retirement years. Essentially, it is an agreement between a person and an insurance firm. The insurance company pledges to repay the initial investment with interest through a series of payments starting at a predetermined future […]
4 Issues CPAs Face in a Changing World
As we march onward into the future, the accounting profession faces a rapidly evolving landscape marked by technological advancements, changing regulations, shifting client expectations, and new skill sets. Like many other professions, accountants must navigate an increasingly complex environment to stay relevant and competitive in the market. By being proactive, however, you can adapt to […]
Understanding Qualified and Non-Qualified Money for Retirement Planning
As you plan your retirement or review your finances, you’re sure to come across the terms “qualified” and “non-qualified.” In their most basic definitions, non-qualified funds are funds you’ve already paid taxes on, and qualified funds are funds you haven’t paid taxes on. Non-qualified Post-tax funds No taxes owed No tax advantages Non-qualified accounts include […]
Asset-Based Long-Term Care Insurance: A Comprehensive Guide
People are living longer and longer, which is, of course, great news! Unfortunately, lengthier lifespans often equate to expensive hospital or nursing home stints. In fact, baby boomers 65 years or older have an approximately 70% chance of requiring some type of long-term care during their lifetime, with 25% experiencing ‘severe needs.’ As healthcare costs […]
Navigating Retirement with the Three-Bucket Approach
Retirement is fraught with numerous risks. Living too long (or passing away early), market fluctuations, health issues and inflation represent the main threats to the nest egg you’ve diligently built up. They can cause irreparable harm to your or your loved ones’ quality of life during retirement. However, a carefully-planned and implemented 3-Bucket strategy can […]
How IRMAA affects your retirement
When it comes to planning for your retirement as a CPA or helping clients stay in a lower tax bracket, Medicare premiums are an essential factor to consider. The amount you pay in Medicare premiums directly correlates to your income in the form of Income-Related Monthly Adjusted Amount (not so lovingly known as IRMAA). So […]
5 Risks in Retirement to Consider
As a CPA, understanding the critical risks associated with retirement planning is essential for better serving your clients and ensuring their financial future – along with your own. In this article, we will explore five critical risks retirees need to consider and discuss strategies to help manage them. 1. Longevity Risk Longevity risk is the […]
Important 2023 Tax Deadlines for CPAs
Mark your calendars: the deadline to file your 2023 tax return is April 18th. But don’t forget about other critical tax deadlines throughout the year, such as the due date for estimated tax payments and various tax-related forms. Stay ahead of the game and avoid any penalties by keeping track of these important dates. January […]
Tax Season and CPA Mental Health
The most taxing season for CPAs is among us, and it’s no laughing matter. Tax season is a highly stressful time for CPAs, who face tremendous pressure to handle large workloads with strict deadlines while attempting to outcompete their counterparts. This stress can lead to burnout and even anxiety and depression, the two most common and […]
Tax Tips CPAs Need to Know Now
As a Certified Public Accountant (CPA), staying current on the latest tax laws and regulations is essential to provide the best service for your clients. However, the stressors of tax season can cause even the most diligent CPA to neglect their own accounting practices at the expense of their future golden years. Here are some […]
