I’m putting my tax refund to work this year. What about you? You might have all kinds of plans. You might be thinking about buying some new appliances for the kitchen or maybe even taking that trip to visit family. But before you start making your vacation plans, consider the long-term impact of your decisions. […]
Tax Strategies
A big part of accumulating wealth is to make sure you don’t give it away needlessly. There are a number of provisions in the tax code to help you grow your wealth and reduce tax payments and penalties. These are not complicated. They are not hard to understand or take advantage of. But they are important.
In this category I’ll explain the most important tactics you can utilize to minimize your tax so you can put as much as possible towards building your own future.
Unique IRA Withdrawal Penalty Solution
Here’s a unique way for you to take money out of your retirement account without incurring an IRA withdrawal penalty. If you had a required minimum distribution but forgot to take it, you’re looking at some pretty hefty penalties. That’s right, the IRS will smack you with a 50% penalty if you missed the deadline. […]
Tax Planning Tips For Investors
Here’s a few important tax planning tips (and an important warning) if you’re an investor…especially if you own ETFs or mutual funds. After you master the basic tax deductions that most people overlook, it’s time to take it up a notch. First, you probably already know about tax loss harvesting. This is a well-known, year-end […]
Understanding Taxes – Credits and Deductions Explained for Dummies
This is a guest post about understanding taxes by Steve Cook. He is an associate at a boutique Phoenix, AZ-area tax law firm that handles various tax-related matters including estate planning, probate, business and real estate law. The firm operates a blog to which Steve regularly contributes. Many of us in the United States prepare […]
Capital Gains Tax Relief
You have a unique opportunity for significant capital gains tax relief – if you act quickly. It’s not complicated. You don’t have to become a financial professional to understand it. The following technique won’t work for everyone. But if you have loved ones (children, parents or others) who you want to assist, you have an amazing […]
Overlooked Tax Consequences of Converting a Traditional IRA to a Roth IRA
Converting a traditional IRA to a Roth IRA can have unintended tax consequences. Generally speaking, you have to pay tax on any money you convert into a Roth and you have to pay that tax the year you convert. You simply add it to your income and it will be taxed at your highest marginal […]