John Madison

CPA
Personal Finance, Investing, Taxes
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“John Madison, CPA, is dedicated to educating and empowering individuals and couples to make well-reasoned decisions regarding their personal finances, affording them increased opportunities for meeting their personal and wealth-building goals.”
Firm:

60 Minute Finance

Job Title:

Financial Counselor

Biography:

Born and raised in Virginia, John passed the CPA exam before graduating from Virginia Commonwealth University and beginning his career at a “Big-8” accounting firm in 1987.   

After two years in public accounting, he accepted employment with a client and rose through the ranks in private industry.  Desiring to work in a more diversified environment, John started his own accounting practice in 2000 and added financial coaching services in 2013.

John resides in Hanover County, Virginia with his wife and children.  He is active in his church, enjoys finishing a good run or workout at the gym, and leads personal finance classes in the community.

In addition to 60 Minute Finance, John is also the owner and president of Riverpine Services, Inc.  Riverpine Services, Inc., provides freelance accounting services to a select number of small businesses throughout the region. In 2016, John moved to a part-time roll with Riverpine to focus his attention and energy on his personal financial education efforts.

Education:

BS, Accounting, Virginia Commonwealth University

Disclaimer:

The recommendations provided on 60 Minute Finance are educational in nature and not intended to be specific recommendations for any particular individual.  Our goal is to educate and inform our readers and clients of available options, with the ultimate decision being theirs.  Please consult the appropriate tax, investment, insurance or financial planning expert before making any final decisions.

All Answers
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    Taxes, Life Insurance
If I surrender a whole life policy with a cash value of $20,303, what amount will I owe taxes on and what amount will I receive?

Based on the numbers you've provided, you will owe tax on $9,934.  The amount you will owe depends on your marginal tax bracket.  Be sure to also consider any state tax liability.

I'd recommend setting aside an appropriate amount of the $20,303 proceeds to cover the tax bill.  You certainly don't want a nasty tax surprise next April 15th!  It may be appropriate for you to make an estimated tax payment, but it would depend on your exact situation.  A converation with your tax professional may help determine the amount of taxes you will owe, as well as if you'll need to make a estimated tax payment.

 

9 hours ago
    IRAs
Has my contribution limit reset since I've transferred my Roth IRA to a different account?
10 hours ago
    Debt, Retirement, 401(k)
Should I use some of my 401(k) funds to pay off my mortgage, but carry short term debt into retirement?
100% of people found this answer helpful
10 hours ago
    Banking, Insurance
I owe the difference between what is owed, and what my insurance will cover, on my totaled car; I can't cover the amount. What should I do?
2 weeks ago
    Retirement, 401(k), IRAs
If I transfer Roth 401(k) funds to a Roth IRA, are they subject to required minimum distributions at 70.5 years old?
50% of people found this answer helpful
2 weeks ago