Home equity is often a massive chunk of a person’s net worth, especially later in life. For homeowners who are house-rich but cash-poor, a reverse mortgage is a tool that allows them to convert a portion of that home equity into tax-free cash without having to pack up and sell the property.
Can You Deduct Elder Care Costs?
If your parent or another elderly family member is moving into a nursing home, there may be tax implications. For example, long-term care expenses may qualify as an itemized deduction if they, along with other medical expenses, exceed 7.5% of adjusted gross income. (Only the amount over 7.5% is deductible.)
Simple Retirement Solutions for Small Business Owners
Offering employees retirement options can be an effective way for small business owners to attract and retain talent. If you’re concerned about cost and administrative complexity, you’re not alone. Fortunately, several options are available, including a Simplified Employee Pension (SEP) plan.
What’s New for Retirement Catch-Up Contributions in 2026
Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.
2025 IRA Contribution Deadline Is Coming Up
It’s not too late to boost your IRA for 2025. You have until April 15, 2026, to make contributions for the 2025 tax year. This deadline applies to both traditional and Roth IRAs and includes catch-up contributions for eligible individuals.
What Is the Saver’s Credit?
The Retirement Savings Contributions Credit, commonly called the Saver’s Credit, is a federal tax credit designed to encourage low- and moderate-income workers to save for retirement. It provides a dollar-for-dollar reduction of the tax owed, supplementing other tax benefits available for retirement contributions. In recent years, millions of taxpayers have benefited, with the credit averaging several hundred dollars per eligible return.
What Is a Designated Roth Account?
Understanding Designated Roth Accounts in 401(k), 403(b), and 457 Plans
Many retirement plans now allow taxpayers to make Roth contributions if the plan includes a Designated Roth account. Your plan may also allow in-plan Roth rollovers or loans, depending on its rules.
Taking Control with Self-Directed IRAs
You have until April 15, 2026, the tax filing deadline, to make 2025 contributions to an IRA. If you’re seeking more than the traditional mix of stocks, bonds, and mutual funds, a self-directed IRA offers greater autonomy and diversification. But it also introduces added complexity.
There’s Still Time to Set Up a SEP and Save on Taxes
If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return.
401(k) Compliance Guide: Fiduciary Duties, Fees & Administration
2025 401(k) Plan Compliance Guide: Fiduciary Oversight, Fees, and Administration
If your business sponsors a 401(k) plan for employees, managing it is more than a formality — it’s a legal responsibility. Under the Employee Retirement Income Security Act (ERISA), plan sponsors have a fiduciary duty to act prudently and solely in the best interest of participants.