Taxes

Accounts

5 Ways To Have More Tax-Free Income In Retirement

Nov 14 2023

Taxes can be one of the biggest bills facing retirees. Maximizing your tax free retirement income can greatly reduce you odds of running out of money as you age....

forbes.com

Can High Earners Fund a Roth IRA Without Paying More Tax? - 455

Nov 14 2023

Steve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum dist...

purefinancial.com

Ira

2024 Income Tax Brackets And The New Ideal Income

Nov 13 2023

The IRS has introduced new income limits for its seven tax brackets for 2024. Thankfully, the thresholds have all increased by 5.4% to account for inflation. In 2023, the IRS expanded its tax brackets...

financialsamurai.com

November 8: 20 End of Year Tax Planning Moves W2 Earners Can Make

Nov 08 2023

We are officially approaching the last 2 months of the year which means that you should start making end of year tax planning/financial planning moves. Now you may be wondering, “what are those ...

thomaskopelman.com

How Should I Pay Taxes on My Roth Conversions?

Nov 08 2023

“You do not rise to the level of your goals; you fall to the level of your systems.” James Clear I’ve been focusing on building up my systems lately and today I’ll provide you ...

rogerwhitney.libsyn.com

How You Are Taxed: Income Taxes Capital Gains& Dividends

Nov 07 2023

Last week, we discussed more on good budgeting practices. This week, we’re going to turn the page to the world of taxes. We are going to walk through a few introductory topics on what most peopl...

thomaskopelman.com

Dividends

How to Get Your Prior Year Tax Return Information From the IRS

Nov 07 2023

If you’re trying to find information from your prior years’ tax returns and you don’t have the old forms (who has the space to keep all that!?), you have a few options available to y...

financialducksinarow.com

How To

3 Reasons For Business Owners To Open A Solo 401(k) Before Year End

Nov 06 2023

Optimizing your tax planning can help business owners reach financial freedom faster. Maximizing your Solo 401(k) benefits can help you pay fewer taxes....

forbes.com

12 Year-End Tax Planning Strategies to Keep More 2023 Money and Prepare for Future Wealth

Nov 03 2023

Yes. The year is already coming to a close. Use this list of year-end tax planning tips for 2023 and beyond to help launch you into a better future. It has been another interesting 12 months with stoc...

newretirement.com

Wealth

AGI (Adjusted Gross Income): The Tax Acronym You Can’t Ignore

Nov 03 2023

There are plenty of acronyms when it comes to your personal finances. You likely have come across HSA, COBRA, COLA, ETF, APR, to name a few. But when thinking about your tax situation for the year, th...

newretirement.com

Tax Planning For Your Second Home: 6 Things To Know And Some Options To Explore

Oct 31 2023

The second home is supposed to be a place of respite, a happy place, so why interrupt that solitude with death and taxes....

forbes.com

Tax Planning For Your Second Home: 6 Things To Know And Some Options To Explore

Oct 30 2023

The second home is supposed to be a place of respite, a happy place, so why interrupt that solitude with death and taxes....

forbes.com

Do You Think You Can’t Afford A 401(k)? Check Your W-4

Oct 29 2023

Can’t afford a 401(k)? Don’t make that decision before you check your W-4 withholding, especially if you get a tax refund....

forbes.com

Asset Location: How Tax-Smart Investing Can Supercharge Your Portfolio

Oct 26 2023

In the complex world of personal finance, asset location is the hidden strategy that smart investors use to gain a distinct advantage. Most people know to diversify their investments across different ...

newretirement.com

Investing

Portfolio

Pretax vs Roth- Which is Better for You If You're in the 24% Tax Bracket?

Oct 24 2023

If you're in a high tax bracket now and expect to remain in a high tax bracket after retirement, should you prioritize pre-tax retirement accounts or Roth retirement accounts for individuals? James an...

buzzsprout.com

Navigating Pre-Tax vs Roth Retirement Accounts: A Guide to Smart Financial Planning

Oct 24 2023

buzzsprout.com

Why Would a Tax Advisor Discourage 529 Plan College Savings? - 452

Oct 24 2023

Why does Becca in Florida’s advisor "poo-poo" her strategy for funding 529 plans for education? Keith, commenting on Spotify, wants to know about reimbursing yourself from a 529 plan for the sch...

purefinancial.com

Move To Europe And Pay Low (Or Zero) Tax In These 4 Countries

Oct 19 2023

Europe has a reputation for high taxes… but this isn’t always fair....

forbes.com

Social Security Benefits Will Rise 3.2% In 2024, While Top Tax Jumps 5.2%

Oct 12 2023

Up to $168,600 of earnings will be subject to Social Security tax in 2024, raising the taxes taken out of a high earner's paycheck to $10,453....

forbes.com

Social Security

Understanding Restricted Stock Units (RSUs): the Basics & Taxes

Oct 11 2023

Equity compensation is becoming increasingly popular. It incentivizes employees to maximize performance because when the company does well, they do well. Today, we’re going to go through an exam...

thomaskopelman.com

14 Biggest Social Media Tax Myths (And Why They Are Wrong)

Oct 11 2023

There is no shortcoming of bad tax advice on social media. It feels like everyday I see a new post, video, etc. with some fragmented piece of tax advice that is so far away from how it works in the re...

thomaskopelman.com

Mistakes

Avoid Errors In Your Tax Filing

Oct 07 2023

Photo credit: jb As we approach the extended income tax filing deadline, folks all over the country are in a mad rush to fill out returns and complete the filing process. Software for return preparati...

financialducksinarow.com

Can I roll over an old 401K into an self-managed IRA without paying taxes at time of this late roll-over?

Oct 06 2023

I have a decent 401K from a job I left 6 years ago. I left the money there because it was doing really well. Well, now it's not. It lost money as market took a nose-dive last year. It still isn't doin...

reddit.com

Ira

401k

First Home Savings Account: How the FHSA Helps You Save Tax-Free in Canada

Oct 05 2023

The First Home Savings Account (FHSA) is the best new financial tool/account to be introduced since the introduction of the Tax-Free Savings Account (TFSA) back in 2009. The FHSA is designed for a spe...

retirehappy.ca

Savings

The Electric Car Tax Break You Could Be Missing Out On

Oct 04 2023

The most effective retirement planning involves keeping up with current legislation and using it mindfully to make the most of your savings and do the things you’ll enjoy most in retirement. For...

theretirementsolution.com

October 4 – How Am I Taxed?

Oct 03 2023

Taxes confuse almost everyone. I cannot tell you how often someone tries arguing with me about something tax related when they are entirely wrong. And to be fair, the tax code is long and confusing. T...

thomaskopelman.com

Which States Tax Social Security Income?

Mar 29 2023

March 30, 2023 — It might come as an unpleasant surprise to many people that Social Security income can be taxed on both the federal and the state level. While there is no escaping the federal t...

topretirements.com

Social Security

Is Mortgage Interest Tax Deductible?

Mar 23 2023

Many Canadian homeowners have wondered if mortgage interest is tax deductible. Chances are, they’ve heard that their neighbours to the south can claim their mortgage interest (it’s true). ...

retirehappy.ca

Save Your 2023 Charitable Gift Receipts, Just In Case Deductions Are Expanded

Mar 20 2023

Congress might bring back the charitable deduction for non-itemizers....

forbes.com

Charity

Long-Term Care Planning vs. Taxes: Finding a Healthy Balance

Mar 20 2023

Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern — reducing taxes for retirees and their heirs....

kiplinger.com

The Case for a Roth for Individuals in High Tax-Brackets

Mar 18 2023

The Case for a Roth for Individuals in High Tax-Brackets If you read the title of this post and are confused, I don’t blame you. When investors are taught about using a Roth vs Traditional IRA, ...

reddit.com

13 Ways to Lower the Tax Bill on Your Income

Mar 13 2023

By Dr. James M. Dahle, WCI Founder More income is almost always a good thing, but not all income is created equal. Inadequate financial literacy often leads to paying too much tax on the income you do...

whitecoatinvestor.com

For those considering early retirement, I found mom's state and county property tax statement the year I was born

Mar 12 2023

She bought a typical suburban home in Texas and paid $3.33 in state and county property taxes. Times have certainly changed since 1960. submitted by /u/Wizzmer[visit reddit] [comments]...

reddit.com

Early Retirement

How Taxes Work in Retirement | Sensible Money

Mar 12 2023

In retirement, each source of income has its own set of tax rules. You may need to set up withholding and quarterly payments. Here are the tax rules that apply....

sensiblemoney.com

Working In Retirement

Get Rid of Estimated Tax Payment Vouchers from TurboTax

Mar 11 2023

The previous post Opt Out of Underpayment Penalty in TurboTax covered how TurboTax calculates an underpayment penalty that the IRS may not actually assess. You have to take an extra step to decline th...

thefinancebuff.com

Top 10 Ways to Lower Your Taxes

Mar 10 2023

If you want to lower your taxes, it’s important to have more than a vague understanding of how our tax ... Read more...

physicianonfire.com

Let's Have A Low Stress Tax Season

Mar 09 2023

April 15th, that dreadful tax day is fast approaching. But it doesn’t have to be stressful. In previous years, I’d be going over our accounts and entering the numbers into H&R Block by...

retireby40.org

Biden Calls for Doubling of Capital Gains Tax Rate

Mar 09 2023

President Biden wants to increase the capital gains tax rate and the Medicare tax rate to have wealthy people pay a “fairer” share of taxes....

kiplinger.com

Shifting Retirement Assets From Tax Deferred To Tax Now By 2026

Mar 08 2023

The tax-now Roth IRA will increase in popularity over the coming years. Let me explain why. When Congress passed the Tax Cut and Jobs Act (TJCA) of 2017, it inaugurated an eight-year period of the low...

financialsamurai.com

Why Millionaires Don't Have to Pay Any More Social Security Taxes This Year

Mar 06 2023

You, on the other hand, probably have to pay Social Security taxes all year long....

money.com

Social Security

I need to decrease my taxable income or else I need to payback my Health Insurance Premium Tax Credit. How can I turn my Roth IRA to a traditional IRA for 2022?

Mar 06 2023

I funded my Roth IRA for 2022 back in January 2022. Can I take that money out? And then add it to my traditional IRA? How does Vanguard know that I'm taking the money out for 2022 so that I can put th...

reddit.com

Triple Paycheck Month 2023 + California Tax Delay

Mar 05 2023

For Meta and Google employees, March is one of the best months to accelerate your savings and investment goals! The reason? Triple Paycheck Month! Before we dive into Triple Paycheck Month, I wanted t...

andrenader.substack.com

Opt Out of Underpayment Penalty in TurboTax and H&R Block

Mar 05 2023

When you do your taxes in tax software, the software sometimes calculates an underpayment penalty. It thinks you owe the penalty when your tax withholding plus any estimated tax payments were below a ...

thefinancebuff.com

The 15 Worst Tax Reduction Techniques

Mar 04 2023

[Editor's Note: Looking to change your life by creating multiple income streams? Looking for inspiration from other docs who have become successful entrepreneurs? Then, mark your calendar for the onli...

whitecoatinvestor.com

Real Estate Professional for tax purposes

Mar 04 2023

It was suggested to me that I look into becoming a real estate professional for tax purposes. From what I've read, this is a special designation on tax returns if the tax payer performs more than 750 ...

reddit.com

Estate

Corporate Profits & Their Effect On Earning Limit Calculations

Mar 03 2023

I am considering semi-retiring this year. I am 62. I own a business and plan to continue working part time. My business is a LLC (files taxes as an S Corp) and I pay myself through the company. Taxes ...

community.aarp.org

Retiring

SECURE 2.0 Act Lets Retirees Defer Some Taxes Longer

Mar 02 2023

Here’s how retirees can benefit from changes in required minimum distributions (RMDs), qualified longevity annuities and IRA catch-up contributions....

kiplinger.com

Small Businesses, Self-Employed Should Watch Out For This Important 2023 Tax Deadline

Feb 28 2023

With tax season in high gear, you might not have eyes towards 2023 taxes. But there's a key deadline for the self-employed or small business owners, which can ease next April's worries....

forbes.com

What You Need to Know for the 2023 Tax Season

Feb 25 2023

Doing taxes in 2023 feels a lot like it did before the pandemic. Still, there are some meaningful changes to keep in mind....

nytimes.com