Butler Enterprise Corp.

Don’t let inherited retirement account rules catch you off guard! Most nonspouse beneficiaries must fully withdraw inherited IRA or 401(k) funds within 10 years if the original owner died after 2019. Depending on the situation, you may not have the option to wait and take a lump-sum distribution at the 10-year mark but instead be required to take annual required minimum distributions (RMDs). Not taking an RMD can trigger a penalty equal to 25% of the missed RMD. Could you be affected? Let’s review your circumstances together. Call us at (310) 344-8968.

Knocked unsteady by recent stock market wobbles? If you’re in your 20s or 30s, your stock-heavy 401(k) plan portfolio likely has time to recover and grow, thanks to the power of compounding. If, on the other hand, you’re less than 10 years from retirement, consider allocating more to bonds and other less-volatile securities. We can help you build a resilient and effective portfolio that reflects your risk tolerance, investment goals and retirement plans. Contact us at (310) 344-8968.

Do you use a vehicle for business purposes? You may be able to deduct related expenses using one of two methods: the standard mileage rate or the actual expense method. The standard mileage rate offers simplicity: You just multiply business miles driven by the IRS rate, which is 70 cents per mile in 2025. Prefer tracking every cost? Use the actual method to deduct gas, oil, maintenance, insurance and more. Choose the method that saves you the most time and money! Contact us at (310) 344-8968 to help decide what's best for your situation.

The IRS generally follows strict collection processes but acknowledges that some people face real hardships. In such cases, the IRS may assign a tax debt to “currently not collectible” status until the debtor’s financial condition improves. While the debt remains unpaid, the total will continue to rise due to penalties and interest. Also, a federal tax lien may be filed, giving the government an interest in the individual’s assets. The IRS doesn’t grant this status lightly. It demands extensive financial proof, which can feel like an uphill climb. Contact us for help with tax debt at (310) 344-8968.