In This Issue
CPA News:
Proposed Tax Bill Updates
Prepare for Impact
When You Inherit an IRA
College Students as Dependents
December Q and A
Disaster and Business Taxes
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Additional Information
November 2017 Tax Report Newsletter
October 2017 Firm Newsletter
Client Profile

George is 71 years old and has returned to work after three years of retirement. He wants to put a little more money away for a comfortable retirement. Where can he still save at 71?

George owns a traditional IRA that required him to begin required minimum distributions by April 1 of the year after he turned 70½, whether he went back to work or not. However, he can contribute to a Roth IRA after that age to the extent he has earned income, within limits.

People who continue working and contribute to a SIMPLE IRA or 401(k) plan can continue to contribute to them after age 70½. However, they also may be required to begin RMDs.

George will owe tax on some or all of his employment earnings if his pay from work and other income exceeds certain limits. If George were younger than retirement age, say 62 to 65, he would likely also lose a portion of Social Security benefits during this time due to work income exceeding low limits.

Client Profile is based on a hypothetical situation. The solutions we discuss may or may not be appropriate for you.

What to Know About the Proposed Tax Bills


There have been many reports and rumors circulating throughout the media concerning the status of the proposed tax bills that are currently circulating through Congress. Here is a summary of the situation as it stands now, and the process as we know it:

Prepare for Impact


How do you begin to recover financially from a natural disaster? At least as important, how do you do your best to protect yourself financially?

When You Inherit an IRA


When non-spouses become IRA beneficiaries, they have to consider a number of factors.

Another Way to Use Your IRA


The number of Health Savings Accounts (HSAs) is growing now that Americans better understand their value. HSA contributions are tax-deferred, potential earnings grow tax-free and distributions taken for qualified health care expenses are tax-free.

Five Last-Minute Deductions


As the days left on the calendar fly by, business taxpayers begin to search for ways to reduce their 2017 tax bill. Here’s a look at five less common ideas.

December Q and A

Q: My employee asked me for a Hurricane Harvey 401(k) loan from my plan. Is there such a thing?
A: Yes, participants in eligible 401(k) plans...

Disaster and Business Taxes

If you own a business damaged or destroyed by a natural disaster, you will have some meager consolation when filling out your tax returns.

Short Bits

And you thought only Millennials were job-hoppers?

Say hello to Baby Boomers. Individuals born from 1957 to 1964 held an average of 11.9 jobs from ages 18 to 50, according to the Department of Labor’s Bureau of Labor Statistics (BLS). On average, men born during this time held 12.1 jobs and women held 11.6 jobs. Boomers held 4.5 jobs from ages 25 to 34, but just 1.7 jobs from ages 45 to 50.

Americans Owe a Record Amount of Student Debt.

The Consumer Financial Protection Bureau found that the percentage of borrowers with $20,000 or more in student debt doubled over the last decade. In response, some employers have begun offering student loan repayment benefits to employees. The study shows that in 2014, more than 40% of student loan borrowers left school owing $20,000 or more.

Women are making up more of the workforce.

In 2000, there were 66.3 million women in the labor force, or 46.5%. By 2015, 73.5 million women comprised 46.8% of the overall labor force. According to BLS projections, the number of women in the labor force will increase to 77.2 million in 2024 for a 47.2% share.

Don’t Gamble on Excluding Gambling Winnings.

Whether you’re in the office football pool or in a casino, the IRS wants you to report all your winnings. Don’t try to declare only a gambling loss, though. You can deduct losses only up to the amount of your winnings if you itemize, but at least they aren’t required to exceed 2% of AGI as needed for miscellaneous itemized deductions.

To learn more about Katz Viola Lebenhart & Mauro, LLP,
visit www.kvlmcpa.com.

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