Why You Will Eventually Be Forced to Withdraw Money from Your Portfolio
Nobody likes surprises, especially when it comes to the subject of money! When I work with mid-life professionals thinking about career transition and/or retirement, they are often surprised to learn that they will eventually be forced to withdraw money from their Traditional IRAs and Traditional 401(k) plans later in [...]
Key Retirement and Tax Numbers for 2022
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2022. Estate, Gift, and Generation-Skipping Transfer Tax The annual gift tax exclusion (and annual [...]
Year End 2021 Tax Tips
Here are some things to consider as you weigh potential tax moves before the end of the year. Defer Income to Next Year Consider opportunities to defer income to 2022, particularly if you think you may be in a lower tax bracket then. For example, you may be able [...]
Financial Strategies To Consider Before You Stop Working
When it comes to planning for retirement, savers often try to allocate as much money as possible in employer-sponsored retirement plans and IRAs. And why not?! The tax deferral features of these accounts may provide years of attractive growth without paying Uncle Sam any taxes until the time you [...]
Is Now a Good Time to Consider a Roth IRA Conversion?
This year has been challenging on many fronts, but one financial opportunity may have emerged from the economic turbulence. If you've been thinking about converting your traditional IRA to a Roth, now might be an appropriate time to do so. IRA Conversion Basics Roth IRAs offer tax-free income in [...]
Year-End 2020 Tax Tips
Here are some things to consider as you weigh potential tax moves before the end of the year. Defer income to next year Consider opportunities to defer income to 2021, particularly if you think you may be in a lower tax bracket then. For example, you may be able to [...]
The SECURE Act Offers New Opportunities for Individuals and Businesses
The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) is major legislation that was passed by Congress as part of a larger spending bill and signed into law by the president in December. Here are a few provisions that may affect you. Unless otherwise noted, the new rules [...]
Qualified Charitable Distributions: Using Your IRA to Give from the Heart
The Tax Cuts and Jobs Act roughly doubled the standard deduction ($12,200 for single filers and $24,400 for married taxpayers filing jointly in 2019) and indexed it for inflation through 2025. As a result, far fewer taxpayers will itemize deductions on their tax returns, and some people may be disappointed [...]
Ten Year End Tax Tips for 2019
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. 1. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances [...]
10 Year End Tax Planning Tips for 2018
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. 1. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances [...]