How the New SECURE Act Will Affect Your Retirement Savings

On December 20, 2019 the SECURE Act became law, affecting millions of Americans saving for their retirement. The law, which stands for Setting Every Community Up For Retirement Enhancement, has several provisions but focuses on just a few core areas of retirement planning: Changing the rules for required minimum distributions (RMDs) Expanding access to retirement … Continued →

2020 Tax Changes for Small Business Owners and Partners

Are you self-employed? Most U.S. companies are self-owned, and of the more than 30 million small business enterprises, over a quarter of self-owned businesses are big enough to have employees. Being self-employed means dealing with many unique tax challenges, like tax withholding, additional reporting requirements, and more IRS scrutiny. There are some changes that self-employed … Continued →

Tax Legislative Update: A Green Energy Bill in the Tax Code?

The Growing Renewable Energy and Efficiency Now (GREEN) Act is in the early stages of development. Recently, the House Ways and Means Committee released a discussion draft aimed at promoting green energy for both individuals and businesses. It details the energy priorities of the majority–mostly investing in renewable energy and reducing carbon emissions.  On the … Continued →

Social Security Tax Planning Considerations

Social security has evolved over its 80+ year history from a benefit for retired Americans to a source of supplemental income for more than 63 million people. There are various federal and state tax laws that apply to social security benefits and taxpayers who are new retirees, nearing retirement, or have a spouse who is … Continued →

Financial Planning Tips for December 31, 2019

The end of the year is almost upon us. While the CPAs at Naden/Lean are preparing for tax season, our clients and their families can use this time to wrap up financial loose ends. Some items on this list are obvious and most taxpayers know to look out for them, like charitable contributions and maxing … Continued →