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Dustin Rinaldi on tax changes: 529 plans

Dustin Rinaldi on tax changes: 529 plans

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Thanks to the Tax Cuts and Jobs Act of 2017, Section 529 plan savings may now be used for K-12 tuition as well as for higher education costs.

Over 20 years ago, federal lawmakers authorized states to create tax-exempt “qualified tuition programs” — Section 529 plans — to help taxpayers fund the cost of higher education. The Tax Cuts and Jobs Act of 2017 expands Section 529 by allowing tax-free account withdrawals not only for qualified higher education expenses but also for tuition at public, private, or religious elementary and secondary schools.

Tax-free 529 withdrawals for K-12 are capped at $10,000 a year, per student

If a child is the beneficiary of multiple 529 plan accounts, the $10,000 may be distributed from one or more of the accounts. Withdrawals in excess of $10,000 would be taxed according to the Section 529 rules (generally as part nontaxable return of principal and part distribution of earnings subject to both income taxes and a 10% penalty).

529 plans typically have generous contribution limits read more

Meet Dustin Rinaldi Naples FL

Meet Dustin Rinaldi Naples FL

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Dustin Rinaldi Naples FL

Dustin Rinaldi, cfp®, awma®, ea

Founder & Wealth Advisor

  • CERTIFIED FINANCIAL PLANNER™
  • FINRA Series 7, 63, and 65 registrations¹
  • Life, health, and annuity insurance registrations
  • College of Financial Planning Accredited Wealth Management Advisor
  • Enrolled Agent tax advisor recognized by the Department of Treasury
  • Florida Gulf Coast University CERTIFIED FINANCIAL PLANNER™ program
  • University of Southern Mississippi bachelor’s degree in business
  • Former adjunct professor for Florida Gulf Coast University
  • Community involvement includes Super Kids, Kiwanis, Toastmasters, and the Chamber of Commerce
  • Enjoys spending time with family, reading, traveling, boating, golfing, and watching documentaries

www.RinaldiWealthManagement.com

Dustin Rinaldi & Family in Naples, Florida

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Dustin Rinaldi Shares Red Flags that Could Alert the IRS

Dustin Rinaldi Shares Red Flags that Could Alert the IRS

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The IRS audited approximately 1.4 million individual tax returns filed in 2012.1 That amounts to approximately 1% of 146 million individual returns filed that year. However, fewer than one-quarter of those audits involved face-to-face meetings with IRS auditors. The rest were conducted through the mail.

Filers earning less than $100,000 had a .58% chance of being audited. Among filers with income exceeding

$200,000, the audit rate was 2.06%; for those earning more than $1 million, it climbed to 9.20%. Audit risk also increased for self-employed taxpayers who filed a Schedule C, Income and Expenses for sole proprietors.

Depending on how much income was reported, the chance of being audited ranged from 1.0% for returns listing gross receipts under $25,000 to 2.7% for those reporting gross receipts of $200,000 or more.1

What Triggers an Audit

The following are some of the red flags that could alert the IRS, aside from earning a lot of money:

1. Running a cash business

2. Claiming the home-office deduction read more

Dustin Rinaldi’s Steps to Keep Retirement Income Flowing

Dustin Rinaldi’s Steps to Keep Retirement Income Flowing

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After years of accumulating assets, the time will come for you to begin drawing on those assets to provide income throughout retirement. Before that day arrives, be sure to consider some steps to assist you in keeping your retirement income stream flowing.

Set a Sustainable Withdrawal Rate

As tax-advantaged retirement savings vehicles such as 401(k)s and IRAs have proliferated, so too has the trend toward self-funding of retirement. In the future, the share of personal assets required to fund retirement is sure to grow, which makes knowing how much you can withdraw from your investment accounts each year — and still maintain a healthy cushion against uncertain market and personal circumstances — a necessity to any retirement income plan.

A number of factors will influence your choice of withdrawal rates. These include your longevity, the potential impact of inflation on your assets, and the variability of investment returns. Therefore, when crafting a retirement asset allocation, a key question will be how much to allocate to stocks.1 Certainly you will want to maintain enough growth potential to protect against inflation, yet you will also need to be wary of being too exposed to stock market gyrations. Generally speaking, those who have planned well and amassed enough assets to comfortably finance retirement may be in a better position to include more stocks in their portfolios than those who enter retirement with less. read more

Dustin Rinaldi Shares 10 Investment Mistakes You Should Avoid

Dustin Rinaldi Shares 10 Investment Mistakes You Should Avoid

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Who needs a pyramid scheme or a crooked money manager when you can lose money in the stock market all by yourself. If you want to help curb your loss potential, avoid these 10 strategies.

1. Go with the herd. If everyone else is buying it, it must be good, right? Wrong. Investors tend to do what everyone else is doing and are overly optimistic when the market goes up and overly pessimistic when the market goes down. For instance, in 2008, the largest monthly outflow of U.S. domestic equity funds occurred after the market had fallen over 25% from its peak. And in 2011, the only time net inflows were recorded was before the market slid over 10%.1

2. Put all of your bets on one high-flying stock. If only you had invested all your money in Apple 10 years ago, you’d be a millionaire today. Perhaps, but what if, instead, you had invested in Enron, Conseco, CIT, WorldCom, Washington Mutual, or Lehman Brothers? All were high flyers at one point, yet all have since filed for bankruptcy, making them perfect candidates for the downwardly mobile investor. read more