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Category: Retirement Planning

October 12, 2021

Would a Roth IRA Conversion Make Sense for You?

Roth IRA and 401(k) accounts were created in 1998. Contributions to Roth accounts are taxed on the front end at ordinary tax rates when made. But withdrawals from these accounts are generally tax-free on the back end. If you began saving for your retirement before 1998, even if you subsequently started contributing to a Roth account, you’ve probably accumulated a significant nest egg in traditional (non-Roth) retirement savings vehicles. Unlike withdrawals from Roth accounts, most or all of the money… Read more ›

September 1, 2021

Don’t Short-Change Your Future By Cashing Out Your 401(K)

If you’re looking for money to buy a new car or pay off some bills, your 401(k) plan may seem like a pot of untapped gold. The temptation to tap your retirement funds often comes when you switch jobs and must decide how to handle your account. But in most cases, breaking into a retirement plan early is a mistake that will just melt away your savings. Unfortunately, many people make the unfortunate decision to “cash out” their retirement accounts… Read more ›

December 6, 2020

Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals

PDF: Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals Please click the link above for a printable, PDF copy of the letter below.  As the end of 2020 approaches, we can all agree that this year is unlike any other. The coronavirus pandemic and natural disasters have had a significant impact on the tax situation for many taxpayers. In response to the health and economic impacts of the coronavirus pandemic, Congress passed two major pieces… Read more ›

November 30, 2020

What Do the 2021 Cost-of-Living Adjustment Numbers Mean for You?

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs Act (TCJA), annual inflation adjustments are calculated using the chained consumer price index (also known as C-CPI-U). This increases tax bracket thresholds,… Read more ›

November 20, 2020

Consider Re-Evaluating Your Tax Plans Based on the Outcome of the Presidential Election

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised a progressive approach to taxation, focused primarily on increasing the burden on businesses and high-income individuals. Of course, his odds… Read more ›

July 28, 2020

Investing in a Volatile Stock Market

On July 23, Richard Morris, Director of Tax Services, and Senior Investment Advisor, Alex Seleznev collaborated on an article for Harness Wealth on the topic of tax planning during a time of stock market volatility. Among the topics covered are what to avoid with regards to investments and how to handle Roth IRAs. Click here to read the full article.

July 23, 2020

Dan Weaver, Judy Barnhard and Tony Cuozzo to Present at the 2020 GWSCPA Nonprofit Symposium

CBM’s Director of Not-for-Profit Services Dan Weaver, Senior Vice President Judy Barnhard, and Senior Advisor Tony Cuozzo are scheduled to present at the 2020 Greater Washington Society of CPAs’ (GWSCPA) Nonprofit Symposium from Monday, December 14 through Wednesday, December 16. The Symposium is an annual two-day event that delivers networking and professional education opportunities for hundreds of financial professionals in the not-for-profit sector throughout the Washington, DC metropolitan region. Due to COVID-19, this year’s Symposium will be held virtually. Mr…. Read more ›

December 20, 2019

Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions

With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As a result, several popular breaks for both individuals… Read more ›

December 20, 2019

May Barnhard Investments Launches New Website

December 20, 2019 (Bethesda, MD & Washington, DC) – May Barnhard Investments, the fee-only financial advisory affiliate of Councilor, Buchanan & Mitchell, P.C., has launched its new website, providing details about the expertise of MBI’s nine financial and investment management professionals, and an overview of the firm’s relationships with individual and institutional clients. The new May Barnhard Investments website can be accessed at www.maybarnhardinvestments.com. “When we welcomed MBI in late 2018, we wanted to enhance its visibility so clients understood… Read more ›

December 3, 2019

Year-End Tax Planning in a Tax Cuts and Jobs Act World – 2019 Year-End Tax Planning Letter for Businesses

A PDF version of CBM’s year-end tax planning letter for businesses can be accessed by clicking here. Dear Business Owner: As this year is about to end, now is an excellent time for businesses to review their current tax planning strategies to ensure they’re still meeting intended goals and develop plans for 2020. It’s also a good time to take advantage of last-minute planning opportunities that could save money now and in the coming year. With that in mind, business… Read more ›