More Posts
Have you ever found yourself wondering, “What is asset allocation and how do I use it in my portfolio?” Well, first let’s start at the beginning. Common investing practices usually include stock picking and attempting to time the markets in order to drive returns. This method opens investors to unnecessary risk. Alternatively, decades of time-tested […]
Are investments tax deductible? In general, the answer is no because an investment is an asset. Investing is purchasing an asset that you’re hoping will go up in value. For example, you buy Apple stock for a couple thousand dollars and hold it for a few years and then it’s worth $3,000. Now you want […]
There are several benefits of retirement planning that range from both financial to personal and psychological. Let’s look at seven common reasons why planning for your retirement can work for you. 1. Peace of Mind This is by far one of the most important benefits of retirement planning. Planning ahead not only reduces your stress […]
You may have heard certain retirement plans referred to as “tax-deferred,” but what is a tax deferred retirement plan? Before deciding how these accounts may fit into your overall retirement savings, you’ll want to understand what tax deferral means, how it compares to other types of retirement accounts, and what some of the other features […]
What are Tax Deferral Strategies? Tax deferral means taking a deduction and moving it into an earlier year or deferring some income to a later year. You are not really reducing your overall taxes, but you are getting a benefit up front. If you do these tax deferral strategies year after year and pay less […]
Do you have a high salary, own a business, own real estate, have capital gains, or generate a lot of income from assets? If any of these apply to your financial situation, you’re going to want to pay attention because here are seven different tax reduction strategies for high income earners that can help you to pay […]
In case you missed it, we have a brand-new Federal income tax law which commenced on January 1, 2018, called the “Tax Cuts and Jobs Act of 2017“. If you’re trying to figure out how to minimize your tax liability given this new tax law, you’re not alone. To give you a head start, here […]
A Note Beforehand Before we begin, it’s important to note that planning for your estate can have numerous advantages independent of any tax consequences. As with many financial aspects, it is important to choose strategies, products or services that work for your overall situation rather than making decisions primarily or exclusively on tax consequences. While […]
I know, I know. You probably read the title of this blog and immediately considered tuning out. But I think your perseverance will be rewarded, because while today’s topic is about taxes, what we’re really talking about is the quality of life in retirement. It’s about living large while paying less to Uncle Sam. And […]
With the end of the year fast approaching, it’s easy to get side-tracked when it comes to getting your financial planning in order. Don’t miss these six tax deadlines which you must complete before December 31st: 1. Deadline to Convert to a Roth IRA Current tax law allows all investors to convert to a Roth […]
Updated March 7, 2018 Good news, the indirect or “backdoor” Roth IRA is still an available strategy under 2018 tax reform despite speculation that it would potentially no longer be allowed. Backdoor Roth IRAs are a great financial strategy to utilize, but make sure you avoid these potential traps… As an increasing amount of money […]
In the world of private wealth management, investing gets all the glory. The media cannot get enough coverage of recent stock market updates and predictions. This is interesting because the stock market is volatile and largely unpredictable. Taxes may have less mass appeal, but as Ben Franklin famously said, “the only things certain in life […]
There are many ways you can maximize your tax deductions and ultimately reduce the amount of taxes you pay by April 15th. However, you must get started now, because most strategies have to be completed by year-end in order to affect your return next year. One effective way you can save taxes is through charitable […]
The stretch IRA is a financial strategy that has allowed people to stretch out the life, and therefore the tax advantages of an IRA after it’s inherited. Retirement account owners can name their children or grandchildren beneficiaries of their IRAs or Roth IRAs and these young heirs can stretch out the withdrawals over their own […]
Everybody pays taxes, yet not everyone fully understands them. When April comes, you file your taxes and cross your fingers as you anxiously await your results. It’s almost like a coin flip will determine whether you owe money or receive a refund. This should not be the case at all. The reason why taxes scare […]
