Most people I know are givers. But there is a right way and a wrong way to donate to charities. While you are helping others you should also take a few extra steps to get the most benefit for yourself at the same time. What’s wrong with that? Nothing. 1. First things first. When it […]
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.
When you turn 70 ½ you reach the required minimum distribution age. That means you must take a certain amount out of your IRA and most other retirement accounts as well. These are known as RMDs – Required Minimum Distributions. That’s right. Even if you don’t need or want the money, you must take out […]
Now is a fantastic time to find a new CPA if your current one is a dud. If you do this now, you won’t feel the pressure that the procrastinators feel who wait until February or March to do this. CPAs are easily available to interview now and the best news is it’s really not […]
You might see some very strange things going on with your mutual funds in November and December. That’s the time when many funds distribute capital gains and dividends. Investors get befuddled by this because they can wind up paying taxes on money they may not even receive. Worse, people sometimes have to pay capital gains […]
If you inherit your spouse’s IRA you have a few very important decisions to make. And depending on your circumstances, the conclusions you come too and the decisions you make, it could impact you and your children for decades to come. Fortunately, with a little understanding, it will be very easy for you to make […]
TaxACT is the second largest player in the DIY tax prep business behind TurboTax and just ahead of H & R Block At Home ©. But don’t let that fool you. There are vast differences between TaxAct and its competitors. While I believe this software might be a good fit for some people, it could […]