Having a solid saving strategy is critical to maintaining one’s current lifestyle in retirement. It’s just as important to have a well-thought-out retirement spending plan. The amount a person spends in retirement, and the order in which funds are withdrawn withdraw from various taxable, tax-deferred and tax-free savings vehicles, can significantly affect a nest egg’s lasting power. This article provides tips for developing a retirement spending plan. A brief sidebar details the importance of taking required minimum distributions from traditional IRAs and qualified plans.

Under the right circumstances, qualified small business stock (QSBS) offers tax savings for business owners. Essentially, QSBS allows them (and their heirs) to sell their stock free of capital gains tax. This tax break is subject to several strict requirements, but the benefits can be substantial for those who qualify. This article explains what QSBS is and details who qualifies for the tax break.

When making transfers of business interests or other assets to family members, there’s a three-year period where the IRS can challenge their values for gift tax purposes. During that time, the tax agency can claim the transfers originally treated as nongifts were actually gifts or partial gifts. This article explains how this scenario can be avoided by filing a gift tax return that meets the IRS’s adequate disclosure requirements.

These brief tips explain why using a limited liability company is a beneficial ownership structure when buying a vacation home, explore how a donor-advised fund can provide greater control over charitable endeavors and detail why it’s important to substantiate business expenses.