Returning Value Blog

Looking to retire? You may be surprised where some of the top retirement locations are.

Is this retirement strategy right for you?

The door to Roth IRAs is closed to some high-income taxpayers because of annual limits imposed on contributions. But you may be able to use a “back-door” method that is perfectly legal. This technique may help you preserve more assets for your eventual retirement.

Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses.

How will you ever save enough money to pay for your children’s college educations? There are no absolute guarantees, but Section 529 plans may help you set aside funds, up to generous limits. Here are the answers to several common questions on this subject.

Benefit from a rollover to an IRA

If you receive a distribution from an employer’s retirement plan, such as a 401(k), you are generally required to pay ordinary income tax on the payout. However, with a timely maneuver, you can continue to postpone paying the tax until you are ready to make withdrawals.

The most common components of a basic estate plan: a will, living will, life insurance, and maybe even a trust. Most adults know the importance of these estate planning elements, and may even have some or all of them implemented – which, overall, is great. But like everything in life, change happens, and updates will be necessary to some, if not all, of these documents. Here we have laid out the most common mistakes found in estate planning:

Machen McChesney has been assisting executors and trustees in managing administrative duties for over 60 years.  We understand that leaving an estate or trust to chance can result in significant tax consequences or even frozen assets. The complexity of it all is very confusing, which is why we can work together to help you achieve the future you seek for yourself and your family. 

Key rules for job-related expenses

Are you planning a move in the near future? Be aware of special tax rules for deducting moving expenses on your personal tax return. In some cases, moving expenses are fully or partially deductible, while other times they are not.

Machen McChesney is currently seeking an energetic, goal-oriented individual to join our practice as a Tax Supervisor.  

If you have been able to build up a sizable fund in a 401(k) or other qualified retirement plan, you have a good head start on a nest egg for retirement. Sometimes, however, extenuating circumstances may force you to tap into your account prematurely. Specifically, you might apply for a “hardship distribution” when the plan permits it. Although you may decide this is your best option, consider all the implications.