The Bingman Blog

Do you understand the kiddie tax law? If you have kids with custodial accounts, you’d better.

Spring is peak season for purchasing a new vehicle. And when it comes time to make those big purchases, many people are enticed by lender promises and marketing schemes. Before you even think about financing your next ride, stop. Take a moment and ask yourself these three critical questions, or those whopping monthly payments might bring on bigtime […]

Last week, the IRS started distributing the latest round of stimulus checks in an effort to help people and families who have been financially impacted by the Coronavirus pandemic.  The reality is, not everyone who receives these checks has experienced covid-related financial hardship. If you’re not making up for lost income with yours, you may […]

Latest round of Covid relief comes with 2020 tax implications.  On March 11, 2021, President Biden signed into law a Covid relief bill called the American Rescue Plan. This bill authorized a third round of stimulus payments in the amount of $1,400 for each taxpayer and their dependents under certain income limits. What you may not have […]

Did the Coronavirus pandemic cause you to take a distribution from a retirement plan? If so, we have good news. You have the option to recontribute those funds within three years of the distribution date.  According to the IRS, you have the ability to recontribute all or part of certain coronavirus-related distributions to an eligible retirement plan (including an […]

Helping your child pay for their college education is a wonderful goal. And since most kids head off to school before their parents head into retirement, you might think your kid’s college savings should take priority over your own retirement savings. But if you’re paying into a 529 plan or IRA for your kid without fully funding […]