Taxes Archives - Charles W. Rawl & Associates, LLC

Happy Holidays! Congress Gifts SECURE 2.0

As a member of Ed Slott’s Master Elite IRA Advisor Group, Mr. Rawl has direct access to Ed and his team of IRA experts. Ed Slott and Company is a valuable resource for knowing the facts and applying that to artful IRA planning. By Sarah Brenner, JD Director of Retirement Education This holiday season Congress has given us SECURE 2.0. With no time to spare to avoid a government shutdown, they passed the $1.7 trillion Consolidated Appropriations Act of 2023 and sent it off the President for [...]

By cwrawl|2023-01-19T13:17:45-06:00December 28, 2022|Categories: Articles, The Slott Report|Tags: IRAs, RMDs, Taxes|

Tax-Savvy Charitable Giving With QCDs Can Benefit Both Giver and Receiver

A qualified charitable distribution, or QCD, might be the answer for you – but watch those rules. Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that. What approach is efficient, provides the tax benefits you’re after, and also is advantageous for the charity that’s on the receiving end? One possibility is a qualified charitable distribution (QCD), a tax-savvy way to reduce your taxable income and maximize your donations, whether you itemize deductions on your [...]

By cwrawl|2022-10-25T13:18:19-05:00October 12, 2022|Categories: Articles, Smart Investing|Tags: As seen in Kiplinger, IRAs, QCDs, Taxes|

Navigating Qualified Charitable Distributions in 5 Easy Steps

What is a qualified charitable distribution (QCD)? A QCD is a distribution from an IRA that goes directly to a qualifying charity and is not included in the taxable income of the IRA owner. A QCD cannot be made from an employer plan. A QCD can be up to $100,000 a year, per individual. 1. Either an IRA owner or a beneficiary can do a QCD. The individual must be at least age 70½ at the time of the transaction. Reaching age [...]

By cwrawl|2022-10-25T13:28:53-05:00August 31, 2022|Categories: Articles, The Slott Report|Tags: Life Insurance, QCDs, Taxes|

Last-Minute IRA Tax Deadlines and Rules

April 18 is Tax Day for 2022. It is delayed from the 15th because the IRS offices were closed Friday. Generally speaking, each taxpayer’s bill to the U.S. Treasury is settled at this point, but there are exceptions. Read this Slott Report for insights. Going forward, now is the time to be planning for 2023 and future years. Becoming Tax Saavy throughout your retirement years requires years of advance planning and is an ongoing process. Tax laws will remain dynamic and will never be static. By Andy [...]

By cwrawl|2022-04-25T13:17:25-05:00April 18, 2022|Categories: Articles, The Slott Report|Tags: IRAs, Taxday, Taxes|

President Biden’s 2023 “Green Book” Proposal is a Reminder: No Better Time to Plan Than Now

The U.S. Treasury Department recently released its 2023 “Green Book,” containing this Administration’s proposed tax increases on high-net worth individuals and businesses. While the attached Lion Street article emphasizes that little from the President’s Green Book will become law, it highlights the ongoing focus on, and the risks related to, tax increases on the affluent and on businesses. This is a briliant reminder of the great opportunity in time we have to take advantage of existing income and estate planning strategies before they go away. Our mission is to [...]

By cwrawl|2022-04-06T08:14:00-05:00April 6, 2022|Categories: Articles, News|Tags: Lion Street, Retirement Planning, Taxes|

SECURE Act Rules Impact Owners of Inherited IRAs

Owners of inherited IRAs may be in for a jolt. In a surprise announcement, annual required minimum distributions (RMDs) will be required for those who recently inherited individual retirement accounts (IRAs). In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020 and put in place a “10-year rule.” It was expected that the IRA balance would be required to be withdrawn by the end of that 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were [...]

By cwrawl|2022-03-18T12:35:49-05:00March 18, 2022|Categories: Articles, News|Tags: Beneficiaries, IRAs, Taxes|

The Most Controversial Part of the New IRS Regulations

The IRS has flip-flopped! In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020. A new “10-year rule” was put in place and experts believed the IRA balance had to be withdrawn by the end of the 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were not required. Two weeks ago, the IRS released the long-awaited SECURE Act RMD proposed regulations and flip-flopped. If annual RMDs are required, some taxpayers could already be in trouble. [...]

By cwrawl|2022-03-18T12:39:36-05:00March 7, 2022|Categories: Articles, The Slott Report|Tags: Beneficiaries, IRAs, IRS, Taxes|

Power of Life Insurance Case Study

Life Insurance Case Study Prepared by Lion Street In this case study, a life insurance policy owned by an irrevocable trust is compared to a taxable investment. Estate taxes are factored into this analysis. In the right situation, life insurance can help our clients’ income and legacy plans be Tax Savvy, Income Maximized and Risk Managed. Please view this Lion Street PDF one-pager on tax-equivalent returns. Click to view or print PDF View and Print this Article [...]

By cwrawl|2022-08-07T17:18:26-05:00November 30, 2021|Categories: Articles, Life Insurance|Tags: Life Insurance, Lion Street, Retirement Planning, Taxes|

Should You Defer Your Taxes Until Retirement?

When it comes to taxes, there’s an expensive difference between smart planning and just plain procrastination. At Charles W. Rawl & Associates, we strive to achieve three Critical Outcomes. Critical Outcome #1 is that our retirement income plan is Tax Savvy. Sometimes it is necessary to throw out conventional wisdom! Tax deferral can be a powerful incentive for funding a retirement account. It is difficult to ignore the allure of a plan that allows you to save on taxes now as you save money [...]

By cwrawl|2022-09-27T08:00:43-05:00November 19, 2019|Categories: Articles, Smart Investing|Tags: As seen in Kiplinger, Taxes|

Charlie Rawl is keenly focused on helping his clients work toward their retirement dreams through a comprehensive financial strategy. He has distinguished himself throughout his career as a troubleshooter and problem-solver, designing and implementing creative solutions to often-complex challenges.

He has three decades of experience in financial services, encompassing commercial banking, insurance and investment management. This diverse experience gives him an invaluable perspective in conducting detailed analyses and creating state-of-the-art wealth management and retirement income solutions.