Trump Accounts are a new type of tax-advantaged retirement account for minors, established under the One Big Beautiful Bill signed into law on July 4, 2025. With contributions of up to $5,000 per year and a potential $1,000 government seed contribution for eligible children, these accounts offer a powerful head start on long-term, tax-efficient retirement savings.
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When it comes to retirement planning, most individuals do not begin to seriously consider their options until they are well into their working years. Even fewer people think about laying the groundwork for their children’s retirement.
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The death of a husband or wife can be an overwhelming time for the surviving spouse, especially when it comes to financial decisions.
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Individuals who have set up 529 plans need to be aware of recent changes to the plans.
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While student loan forgiveness was a hotly debated topic throughout the past year, one piece of legislation was passed to help those with student loan debt get out from under it faster.
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On Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024.
read more…The IRS recently announced 2014 inflation adjustments for several key tax provisions including the following:
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As anticipated, Congress has written new legislation extending certain tax provisions. “Protecting Americans From Tax Hikes Act of 2015” is expected to be signed by President Obama within the next several days.
One important provision has permanently extended the rule which allows tax-free IRA distributions (up to $100,000) to charitable organizations, and will be retroactive to January 1, 2015. This rule allows owners of IRAs who are at least 70 1/2 years of age to direct up to $100,000 of their IRA distributions to charity. 
The funds that are given to charity are counted toward the IRA owner’s annual required minimum distribution, or RMD. Since these funds are going directly to charity, the distribution is not included in one’s Adjusted Gross Income (A.G.I.), which helps in potentially reducing state income taxes, and may also allow certain other tax breaks to occur, due to a lower A.G.I. (i.e., medical expenses and miscellaneous itemized deductions).
Legislation affecting tax law can be confusing. The Zinner tax department is up-to-date with the latest provisions affecting individuals and businesses and is ready to help ensure your financial strategy remains favorable, If you have any questions or concerns about taxes or your IRA, please contact me at gsigman@zinnerco.com or 216-831-0733. I’m ready to start the conversation and help you guide your retirement plan.
Posted by: Gary M. Sigman, CPA, MTax, PFS, AEP®
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