Important 2017 Tax Deadlines

Set forth below are a variety of tax deadlines that may apply to you in 2017. As always, please check with your tax advisor before taking action or failing to take action with regard to any of the items listed below. Also, please note that this is not a complete list of all tax deadlines and you should touch base with your tax advisor as there may be other deadlines that pertain to your personal tax situation.

 

 

Please Save the Date!

BLB&B Advisors, in conjunction with College Pursuit and the Pennypack Ecological Restoration Trust, is pleased to present

An Evening with Celebrated Athlete, Adventurer, and Author

Erik Weihenmayer

 

 

Possible Changes are Coming….

We wanted to make you aware of possible changes that may be coming to BLB&B due to a variety of governmental regulations that were approved in 2016 and are supposed to take effect in 2017. As you may already know, last year the Department of Labor (“DOL”) passed over a thousand pages of new regulations related to the investment industry. These regulations have the potential to fundamentally change how our industry and the firms within it operate. Probably the most visible change on the horizon relates to retirement accounts (401Ks, 403Bs, IRAs, etc.).

 

Mary Fisher Retires

We are sad to report that after more than 26 years with BLB&B, Mary Fisher officially retired this fall. We would like to thank Mary for her many years of service to our firm and our clients.

 

We Welcome Cory S. Jackmuff…

...to BLB&B Advisors, LLC

In August, Cory Jackmuff joined us as our new Operations Specialist. In this capacity, Cory will be oper­ating and monitoring our portfolio management software system and working on a variety of data analy­sis and other special projects. Cory will also be providing technology support to the firm.

 

Don’t Lose Your Old 401K’s

Given the number of times the average Amer­ican changes jobs over the course of their working life, it probably is not surprising to learn that along the way 401k’s tend to get “lost”. The mobility of the American workforce exacerbates this situation. As Americans move around the country in order to advance their careers or take advantage of new opportunities, they do not always remember to update their address with the custodians of all their 401k’s. It is easy to remember to update your address for the retire­ment plan account you have with your current employer but not so easy to remember to do so on accounts held with prior employers — espe­cially given that you may only be sporadically receiving account statements if the accounts are small and relatively inactive.

 

How to Be Generous…

...With Your Family and Yourself

We frequently work with clients who are inter­ested in financially assisting the younger gen­erations in their family. This may mean offering to help children or grandchildren with specific expenses like buying a house, paying college or graduate school expenses, or assisting with new business start-up costs. It may also mean making annual financial gifts to family members or taking your extended family on an annual vacation. Sometimes, a client will find them­selves financially assisting an adult child through a period of unemployment, a divorce, or a medical crisis.

Health Savings Accounts

... Another Valuable Retirement Savings Plan Tool

Are you eligible to open a health savings account (“HSA”)? If yes, and you have not already opened one, you should consider doing so as this type of account is another tax-advan­taged way to save for any medical expenses you will likely have in retirement.

An HSA is a tax exempt account that can be used to pay for medical expenses you or your family may incur. There are three key tax benefits to having an HSA. First, the money going into an HSA is pre-tax (if coming directly from your em­ployer) or tax-deductible (if coming directly from you). Second, any interest, dividends, or other earnings inside your HSA are tax free.

 

Indirect IRA Rollovers

Only One Per 12-month Period

Beginning in 2015, the IRS implemented a new rule regarding IRA rollovers. This rule changes how IRA rollovers are treated for tax purposes in certain instances. According to this new rule, “you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own (Announcement 2014-15 and Announce­ment 2014-32). The limit will apply by aggregat­ing all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.” (www.irs.gov/retirement-plans/ira-one-rollover-per-year-rule). For example, if you have 3 separate IRA accounts and decide to take some money out of each of these accounts and then “roll” this money into a new 4th IRA ac­count within 60 days, you will have accomplished 3 different rollovers within a 12-month period and thus run afoul of the new rule.