How can I prepare for tax season?
Ready or not… here it comes! I totally understand why many Americans loathe tax season. It’s a tedious process of gathering documents, filling out forms, and paying money to Uncle Sam. Still, it has to be done each year… so here are some suggestions that might help your tax planning process. Review your W-4 Annually. Read more ➝
Contributing to Your IRA by April 15 Could Lower Your 2019 Tax Bill
The tax deadline is quickly approaching. Are you looking to lower your 2019 tax bill? Contributing to your IRA by April 15th could lower your tax bill for 2019. The annual contribution limits for IRAs (both traditional and Roth) for 2019 is $6,000 for any working individual under the age of 50. Those over the Read more ➝
How Can I Give More to My Loved Ones and Less to the IRS?
“It’s the holiday season! How can I give more to my loved ones and give less to the IRS?” I could not agree more! Let’s learn from 2 of my friends (hypothetical Mike and Donna). These examples apply to people who are still working and those already enjoying retirement. Solutions for High-Income Earners Donna is Read more ➝
Direct Transfers vs. 60-Day Rollovers – Which is Better?
At some point in your life, you may want to transfer money from a retirement plan to an IRA. There are two well-known ways of doing this: a direct transfer or a 60-day rollover. Chances are, your advisor will suggest a direct transfer. It’s the simplest way to move funds between two accounts. However, if Read more ➝
5 IRA Contribution Rules that Might Surprise You
It’s that time of year again. The deadline to file your taxes is just around the corner. It’s also a popular time for people to start contributing to an IRA. While these contributions are fairly straightforward, there may be a few surprises along the way. Here are 5 rules that you might not know about: Read more ➝
Income Tax 101: What’s Taxable?
Most people are familiar with income tax because each year they are required to file a tax return. But that’s only a sliver of what they actually pay. Some taxes are automatically deducted from your paychecks or when you buy something from the store, while others only apply under special circumstances. Plus, you might not Read more ➝
Not All Investment Income Is Created Equal Because of Taxes: Case Studies
Earlier, we discussed how the 3 types of investment income can have a big impact on your taxes. Your knowledge or ignorance of these issues can have a major effect on your standard of living. How? Let us take a look. Why the real income you make comes after taxes come out Taxes are a Read more ➝