January 23, 2024

Hello Richard.


Happy New Year from the team at SKP!

 

The new year marks the start of gathering the necessary records for your individual tax return. These records can include:

 

 

Our year-end tax letter has been mailed to you with more details. Please contact us with questions regarding your specific situation.

 

Thank you.

 

Rich Pavano, CPA

Penalty Tax for Early IRA Withdrawals

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts.


Read our blog post for what you need to know about the tax implications, including when the 10% penalty for early IRA withdrawals might apply.

Learn More
Stay Current with the SKP Blog

Here are the most recent posts:


How the Kiddie Tax Affects Children


Taxes When Retiring to Another State


What is the Gift Tax Annual Exclusion?


IRA for Nonworking Spouse


Tax-Free Account for Disability-Related Expenses


Tax Breaks for Nursing Home Living



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