3 Practical Ways to Minimize Your Lifetime Tax Bill Minimizing your lifetime tax bill is not about one clever move or one tax year. It is about making a series of smart decisions at different stages in your life, early career, peak earning years, and retirement. The goal is steady progress over decades, not perfection… Continue Reading: 3 Practical Ways to Minimize Your Lifetime Tax Bill
This post is important for investors that are (or want to be in the future) accumulating assets in different account types and want to improve their after-tax results. Asset Allocation We will never diminish the importance of asset allocation. Asset allocation is critical. Having said that, asset location is equally critical. Always remember, Why You… Continue Reading: Why Asset Location is as Important as Asset Allocation
Unless you file for an extension, your 2025 Income Tax Return is due on April 15, 2026. And, if you are getting a refund, you want to file as soon as you can. We wrote about this earlier with our 7 Practical Steps to File Your 2025 Income Tax Return. The Internal Revenue Service (IRS)… Continue Reading: 3 Practical Things to Do with Your Tax Refund
Determine Roth IRA Eligibility Investors with earned income may be able to contribute to a Roth IRA. For 2025, the maximum Roth IRA contribution is $7,000. If you are aged 50 or older, you can make an additional $1,000 catchup contribution. For 2026, the maximum Roth IRA contribution is $7,500. And in 2026 for those… Continue Reading: Practical Steps to Fund a Backdoor Roth IRA Conversion
In my opinion, many investors will need to open a Roth IRA for their retirement. Here are 3 reasons why. 1) To Fund Your Retirement Sorry to state the obvious. If you do not realize this already: You are on your own with your retirement. Let that sink in. You (likely) will not be getting… Continue Reading: 3 Easy Reasons to Open a Roth IRA
Although I am no longer a practicing CPA, here are 7 Practical Steps to File Your 2025 Tax Return. And if you are looking for more financial guidance, do not miss the 6 Easy Ways a Financial Advisor Can Add Value. 1)Expect Delays with the IRS The IRS, like many other government agencies, has its… Continue Reading: 7 Practical Steps to File Your 2025 Tax Return
Here are Practical Reasons for Partial, Annual Roth IRA Conversions. We have already highlighted to you IRA versus Roth IRA. What You Need to Know. Now we want to discuss why some investors should consider partial, annual Roth IRA conversions. A Roth Conversion A Roth conversion is when funds are distributed from a Traditional Individual… Continue Reading: Practical Reasons for a Partial, Annual Roth IRA Conversions
3 Simple Reasons You Need to Fund a Donor Advised Fund (DAF) in 2025 A Donor Advised Fund (DAF) is a tool that allows you to contribute to a fund and get an income tax deduction in that year. Speaking of tax deductions, it reminds me that, “I Love Paying Income Tax.” Said No One… Continue Reading: 3 Simple Reasons You Need to Fund a Donor Advised Fund in 2025
IRA Giving After Age 70 ½: How to Make a Qualified Charitable Distribution As a former CPA with over 40 years of experience, our observation is that people are very generous with the donations they make. People typically donate cash, write a check to the charity, or put the donation on their credit card. Now,… Continue Reading: IRA Giving After Age 70 1/2 : How to Make a Qualified Charitable Distribution
Here is how the new SALT Deduction can save you taxes. President Trump recently signed the H.R. 1 – One, Big, Beautiful Bill Act (OBBBA). Although there are lots of changes, today we will just address the increase in the State and Local Tax (SALT) deduction. Most Average Joe’s need to pay attention to this.… Continue Reading: How the New SALT Deduction Can Save You Taxes