Avoiding the 10% Penalty On Early IRA Withdrawals

For one reason or another, you may need to take some money out of an IRA before reaching retirement.* You can withdraw money from an IRA at any time and for nay reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular income

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Sommer Family Mezzanine

We are thankful to work in partnership with the University of Nebraska Omaha and provide students the resources to succeed. With the recent addition to the UNO School of Accounting, for the first time ever, we got to see the “Sommer Family Mezzanine” bestowed by our managing partner, Leonard Sommer and his family. This is

New Hire

We have a new smiling face in our office! Elizabeth (Liz) George joined our firm as the new receptionist on September 7. In her short time here, Liz has already proven to be a fantastic worker. She is a great addition to the team, and we are happy to have her on board. If you

Refresher on the Home-Sale Gain Exclusion Tax Break

In many areas, residential real estate markets have surged, and some are still surging. In these sellers’ markets, big home-sale gains are likely. That’s great news if you’re a seller – but will you owe taxes on the profit? If you sell your principal residence for a large profit, you can potentially exclude tax (pay

Estate Planning 
Ten Potential Mistakes to Avoid in Estate Planning

Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for professional services. This may be valid to a point, but it often fails because of the detailed knowledge it

How to Salvage a Casualty Loss Deduction

So far, 2021 has been a rough year for casualty losses. Hurricane Ida wreaked havoc in the south and east. Wildfires have destroyed millions of acres in the west. Catastrophes in other parts of the country this year – including tornadoes, earthquakes, and floods – have caused significant damage to personal property. But there may be

Federal Tax News for Individuals

What’s Happening in Congress with Proposed Tax Laws? The $3.5 trillion “human infrastructure” bill is progressing through Congress. The House Ways and Means Committee voted September 15 to advance legislation that would raise taxes on wealthy Americans and corporations. The proposed law, called the Build Back Better Act, will help fund President Biden’s plans for

Habitat for Humanity

A few of our employees took a day off from their desks to volunteer with Habitat for Humanity. It was a hot day, but absolutely worth it! We love to see our employees out in the community doing good.

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

Retirement Planning 
Retirement Savings: Are You Currently on Track?

Employment disruptions caused by the COVID-19 economic slowdown have scrambled the retirement saving strategies of many Americans. According to a recent survey, nearly half of employed Americans either reduced or suspended their retirement savings during the pandemic. Moreover, around 30% of those surveyed reported being behind in saving for retirement. Looking on the bright side,