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Top related persons:
Derek Williams - 1 Pretax - 1 CFP Michael Lofley - 1 Lofley - 1 There's - 1 Michael Lofley - 1 there's - 1 Mitchell Kraus - 1
Top related locs:
Stuart , Florida Cary , North Carolina Santa Monica , California South Carolina Florida
Top related orgs:
HBKS - 2 Veratis Advisors - 1 CNBC - 1 CFP - 1 Medianews - 1 Getty - 1 GivingTuesday Data - 1 Capital Intelligence Associates - 1

Search resuls for: "Lofley"


3 mentions found


☆ IRS: There's a key deadline approaching for required minimum distributions
  + stars: | 2024-12-11 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Pretax RMDs boost your adjusted gross income, which can cause higher Medicare Part B and Part D premiums, among other tax consequences, he said. Your RMD is based on your pre-tax retirement balance as of Dec. 31 from the previous year. For 2024, the calculation divides your 2023 pretax balance by an IRS life expectancy factor. The penalty falls to 10% if the RMD is "timely corrected within two years," according to the IRS. There's been a higher standard deduction since 2018, and only about 10% of taxpayers itemized tax breaks on 2021 returns, according to the most recent IRS filing data.
Persons: Derek Williams, Pretax, CFP Michael Lofley, Lofley, There's Organizations: Veratis Advisors, CNBC, CFP, HBKS Locations: Cary , North Carolina, Stuart , Florida
☆ 'Everyone wins except the IRS' with this legal charitable donation strategy, advisor says
  + stars: | 2024-12-03 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Profitable stock is "one of the best targets for charitable giving" if the organization can accept it, said certified financial planner Michael Lofley with HBKS Wealth Advisors in Stuart, Florida. When filing taxes, you claim the bigger of the standard deduction or your total itemized deductions. Since 2018, there's been a higher standard deduction, and only about 10% of taxpayers itemized tax breaks on 2021 returns, according to the most recent IRS filing data. For 2024, the standard deduction is $14,600 for single taxpayers and $29,200 for married couples filing together. Your total itemized deductions must exceed those thresholds to claim the charitable deduction.
Persons: Michael Lofley, there's, Mitchell Kraus, Itemizers Organizations: Medianews, Getty, GivingTuesday Data, HBKS, Capital Intelligence Associates Locations: Stuart , Florida, Santa Monica , California
☆ 5 reasons why a Roth IRA is a 'no-brainer' for 'anyone in their 20s,' from certified financial planners
  + stars: | 2024-11-22 | by ( Mike Winters | ) www.cnbc.com   time to read: +3 min
It's a "no-brainer" for "anyone in their 20s," says Eustache Clerveaux, a certified financial planner and senior analyst at Hudson Financial Group. This includes Roth 401(k)s. But for younger workers who don't have access to a workplace plan, a Roth IRA can be a great way to start building wealth. Like a 401(k), Roth IRA contributions benefit from compound interest, where your money and its returns grow together over time. Younger investors are less likely to hit Roth IRA income limitsOne key reason to start investing in your 20s is that you're more likely to qualify for a Roth IRA. This makes it an ideal time to pay taxes upfront on Roth IRA contributions.
Persons: Young, Roth, Eustache Clerveaux, Here's, You've, Stephen Maggard, you've, William Michael Lofley Organizations: Hudson Financial, Roth IRA Locations: South Carolina, Florida
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