IRS – Hardy Law Firm

How Changes to Portability of the Estate Tax Exemption May Impact You

Kevin Hardy — Thu, 26 Jan 2023 13:47:24 +0000

The Internal Revenue Service has issued new guidance extending the time that executors have to elect portability.

If You Don’t Want an IRA Distribution, You Can Donate It to Charity

Kevin Hardy — Mon, 04 Apr 2022 04:28:21 +0000

Not everyone needs their required minimum distributions from their retirement accounts to make ends meet. If you don’t need your distribution, one option is to donate it to charity and not pay taxes on it.

SECURE Act Changes to Retirement Plans

Kevin Hardy — Mon, 04 Apr 2022 04:16:23 +0000

A spending bill signed into law by the President contains major changes to retirement plans. The bipartisan legislation is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning.

Using a Roth IRA as an Estate Planning Tool

Kevin Hardy — Mon, 04 Apr 2022 02:28:49 +0000

A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.

What to Do With an Inherited IRA

Kevin Hardy — Mon, 04 Apr 2022 01:35:47 +0000

Inheriting an IRA may seem like a good thing, but there can be tax consequences if you aren't careful.

IRS Announces That Face Masks and Related Purchases Are Tax Deductible

Kevin Hardy — Thu, 08 Apr 2021 12:48:37 +0000

The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus.