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Converting a traditional IRA to a Roth IRA can benefit your retirement and estate plans

November 24, 2021 by Apel Associates

Converting a traditional IRA to a Roth IRA can benefit your retirement and estate plans

Retirement planning and estate planning often go hand in hand: The more you save in retirement, the more you’ll have to pass on to the next generation. If you currently have a substantial balance in a traditional IRA, you may be considering whether you should convert the IRA to a Roth IRA. To answer that […]

Filed Under: Blog Tagged With: IRA, retirement, retirement planning, Roth IRA, traditional IRA

Why a gifting strategy still matters

November 18, 2021 by Apel Associates

Why a gifting strategy still matters

The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 per recipient ($32,000 for married couples). It’s adjusted only in $1,000 increments, […]

Filed Under: Blog Tagged With: federal gift and estate tax exemption, gifting strategy, Tax-free gifts, Taxable gifts

4 red flags of an unreliable budget

November 17, 2021 by Apel Associates

4 red flags of an unreliable budget

Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year end, here are four red […]

Filed Under: Blog Tagged With: Budget, budgeting

Remember to use up your flexible spending account money

November 16, 2021 by Apel Associates

Remember to use up your flexible spending account money

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses  A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. […]

Filed Under: Blog Tagged With: Flexible Spending Account, FSA

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

November 15, 2021 by Apel Associates

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush […]

Filed Under: Blog Tagged With: De minimis fringe benefits, holiday party deductions

Consider all the angles of joint ownership

November 11, 2021 by Apel Associates

Consider all the angles of joint ownership

Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of all the implications. 2 types of joint ownership As the name implies, […]

Filed Under: Blog Tagged With: estate planning, joint ownership, Joint tenants with rights of survivorship (JTWROS), Tenancy by the entirety (TBE)

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