Perhaps one of the greatest reasons to hire a CPA to file your taxes and help monitor your business is to protect yourself against what you don’t know. Your job is to be excellent in your line of work, and theirs is to watch out for you. When we came across an article in Kiplinger called “22 IRS Audit Red Flags,” we immediately realized that local CPA, Jon Sluis, should join the conversation. After all, isn’t the real question, “Can I get audited?”

Join Dennis and Jon today as they dig deep into the world of taxes and retirement planning. The two are inseparable.

Folks often ask us, “When is the best time to get serious about retirement?” The answer is usually, “Now.” Realistically, most people start getting serious about retirement about 10 years out. They start to look at their 401(k) at work, their savings, debts and, if they haven’t already, they open an IRA or consider converting to a Roth IRA. We found a few fun articles, “11 Moves to Make Before Retirement” and “10 Things You Spend Less On in Retirement.”

The show today will be the before and after retirement! Dennis and Heidi will tag team the topics and give you something to think about. After all, now is always a good time!

So you want to rollover your unwanted RMD (required minimum distribution) into an IRA? Not so fast! It’s not 2020 anymore (thank God!) when no one had to take an RMD, and that ONE-TIME exception allowed by the CARES Act no longer applies. The rules for 2021 say that you cannot, we repeat, CANNOT roll over your RMD into an IRA or any other retirement account. As Ed Slott would say, “How money moves matters!”

This year, you must take your RMD and follow the rules or the consequences will be expensive. Join Dennis and Heidi this week as they refresh your RMD memory. Also, this is a good week to have our own Shelley Osborne live to give you a few tips on understanding tax forms and filing taxes this year. Her advice … “Pay attention to the form changes!”

We think it’s fair to say that the main goal in retirement is to do it once. No one dreams of going back to work once you have punched the proverbial time clock for the last time. According to InvestmentNews and a study done by Clever Real Estate, the pandemic has doubled retiree debt partly because of the need for credit. Many retirees are struggling to live the pre-retirement lifestyle and are going into debt to cover basic expenses. This begs the question, “How much should one save for retirement?”
We’re so glad you asked! Today, Dennis and Heidi are going to share what the average retirement savings per age should be vs. what the national average is. This will help you benchmark your situation and adjust as you approach the retirement time clock!

The last time Ed Slott, “America’s IRA Expert,” joined us on the air, we were waiting on pins and needles to see who the next U.S. President would be. Well now that we know, we also know a few more things about the coming year … like that you must take your RMD (required minimum distribution) and that tax rates might be changing. Ed has a few surprises to share as well.

The anxiety folks are feeling hasn’t disappeared, but it has shifted to, “What now?” We’re hoping to give you some measure of control from Ed’s perspective.