Taxes

Fire

Strategy

How Much to Save in Tax-Free, Tax-Deferred, and Taxable Accounts? - 468

Feb 13 2024

Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brok...

purefinancial.com

How Much

4 Simple Strategies on How to Reduce Taxes and Maximize Retirement Income

Feb 10 2024

Tax-savvy withdrawals in retirement are often overlooked or ignored by investors. That’s bad news when the Required Minimum Distribution (RMD) comes along and OUCH! As individuals approach retir...

commonfinancialsense.com

Income

How To

Retirement Environment: Urban or rural?

Feb 10 2024

Looking to retire in a year or two and planning to sell my home with stairs in a high tax community for a ranch-style home in an area of lower property taxes. I like the idea of living in the country ...

reddit.com

?? 5 Pros, 4 Cons of Relocating to Florida For Retirement (AARP Article)

Feb 09 2024

5 Reasons to Retire in Florida … and 4 Reasons to Think Twice. Come for the sunshine, low taxes and endless golf, but be prepared for hurricanes, roof rats and tourist hordes. By Bob Niedt. Pub...

community.aarp.org

Tax Talk Made Simple: A Useful Guide Tax Lingo and Strategies

Feb 08 2024

It’s everyone’s favorite time of the year: tax season! Ok…that may be an exaggeration, but either way, it’s likely that you will come across tax terms that may have you scratc...

newretirement.com

If You Want to Retire in 2025, Here's What You Need to Prep Now

Feb 07 2024

Here's how to strategize withdrawals, optimize tax advantages and beat inflation ahead of a 2025 retirement....

money.usnews.com

How Will Your State Tax Your Social Security Benefits?

Feb 05 2024

Many Americans depend on Social Security to make ends meet each month. Where you choose to live in retirement how much taxes you owe on Social Security....

forbes.com

Retirement Preparation Without Tax Preferences? Part 1

Feb 04 2024

Experts say it might be much the same. I say that’s foolish!...

401kspecialistmag.com

SSA Responds to Bill Aiming to Remove Social Security Taxes for Retirees

Feb 04 2024

Social Security Administration Chief Actuary Stephen Goss believes the enactment could…...

401kspecialistmag.com

Tax efficient retirement distributions *LIVE (only) webinar, Monday February 5

Feb 02 2024

Taxes. If you are thinking about how to plan for them while in retirement this **LIVE only webinar might be for you. I see people commenting in our community and others like it, on this topic. A commo...

reddit.com

Start to worry about RMDs now, or wait to be socked with taxes in my 70s?

Feb 02 2024

I am 60 years-old and retired. I have about $800k in [traditional] IRAs and about $700k in brokerage accounts. Should I start drawing on my IRA's now, or should I leave it to grow and draw from my aft...

reddit.com

Rmds

Roth Conversions to Pay Less Tax on Retirement Withdrawals - 466

Jan 31 2024

Should Peter LemonJello, who has high income, and his wife, who is retired with zero income, file their taxes as married filing separately so they can start Roth conversions? What are the tax implicat...

purefinancial.com

Withdrawals

Roth

5 ways to be a tax planning 'rockstar'

Jan 30 2024

From knowing your demographics to understanding RMDs, these are some of the best opportunities for tax planners to demonstrate their value to clients this year....

financial-planning.com

What to Know Before You File 2023 Taxes

Jan 29 2024

With tax season right around the corner, it’s time to talk about what you need to know before you file 2023 taxes. According to the IRS, “Although the IRS will not officially begin accepti...

401kmaneuver.com

How to Enter 2023 Foreign Tax Credit Form 1116 in TurboTax

Jan 29 2024

[Updated on January 28, 2024 with updated screenshots from TurboTax for 2023 tax filing.] When mutual funds and/or ETFs that invest in foreign countries receive dividends or interest, they have to pay...

thefinancebuff.com

How To

Who knows anything about IMF in Australia?

Jan 24 2024

Looking to Minimise my tax submitted by /u/IamBrilliant_4170[visit reddit] [comments]...

reddit.com

Marginal Tax Rates vs Effective Tax Rates: What’s the Difference?

Jan 23 2024

Tax brackets are one of the most misunderstood concepts in taxes. You’ve probably heard people say (or said it yourself) ... Read more...

physicianonfire.com

Income Tax On Social Security Benefits

Jan 23 2024

As we approach April 15, let’s discuss the federal taxation of Social Security benefits. Taxable benefits include retirement & spousal, survivor, and disability benefits....

forbes.com

Income

What's the Right Roth Conversion Amount to Avoid a Tax Nightmare in the Future?

Jan 23 2024

Sammy, a 51-year-old retiree, is seeking advice on how much she should convert from her traditional IRA to a Roth IRA each year to avoid jumping tax brackets and minimize the taxation of her social se...

buzzsprout.com

Roth

Why the ubiquitous & loud obsession over taxes when retirement income is lower?

Jan 23 2024

Having had some good fortune while working, especially in my last three years, my estimated retirement income is ~72% less than while working. Accordingly, my income tax rates should also plummet as w...

reddit.com

Income

Retirement Tips for 2024 From Five Retirement Experts

Jan 20 2024

From Rothifying IRAs to navigating changing tax laws, these fiduciary advisers share the recommendations they’re making to their clients this year....

kiplinger.com

Tax Savings for Medical Residents

Jan 18 2024

[Editor's Note: The Financially Empowered Women (The FEW), a newly created WCI community that supports women on their path to financial success, will make its 2024 debut next Wednesday, January 17, an...

whitecoatinvestor.com

Higher Social Security Benefits May Mean A Tax Bill For Seniors This Year

Jan 16 2024

Seniors saw a boost in Social Security benefits in 2023. But there's a downside—the increase may result in a higher tax bill this tax season for some taxpayers....

forbes.com

Tax Strategies, Backdoor Roth, Buy vs. Rent - 464

Jan 16 2024

It’s a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York’s daughter’s custodial account, and the tax impacts of Leon in Chicago investi...

purefinancial.com

Roth

How Does It Work When You Get Paid 1099?

Jan 09 2024

Working as an independent contractor offers significant freedom, but if it’s your first year doing so, it can come with some serious headaches if you haven’t paid attention to your taxes. ...

thomaskopelman.com

Tax Deductions for Property Damage from Disaster

Jan 08 2024

Image via Wikipedia If violent weather has caused damage to your property, you may be able deduct a part of the cost of the damage from your taxes, if the event was a federally-declared disaster. You ...

financialducksinarow.com

Solo 401(k) Plans Eligible for Up to $1,500 in Tax Credits

Jan 04 2024

SECURE 2.0 auto-enrollment tax credit provides “substantial incentive” for self-employed…...

401kspecialistmag.com

New IRS Ruling: Can’t Modify A Trust To Add A Tax Reimbursement Clause

Jan 03 2024

A new IRS ruling, CCA 202352018, holds that if you modify a trust to add a tax reimbursement clause the beneficiaries will be deemed to have made a gift....

forbes.com

Which States Tax Social Security Benefits? Missouri, Nebraska Change Rules

Jan 03 2024

Learn all about Medicare plans and costs for different parts of the plan with Money's expert guide....

money.com

200 People Already Paid Their Social Security Taxes: Happy New Year!

Jan 02 2024

Elon Musk earned $160,200 in about 4 minutes. In the first few hours of 2024, over 220 U.S. workers will have likely paid their Social Security taxes for the entire year. In contrast, over 160 million...

forbes.com

Encore: The Retirement Tax Torpedo

Jan 02 2024

The calculation the IRS uses to determine how you pay taxes on retirement income creates this danger zone where taxes can be SIGNIFICANTLY amplified. And if you fall into this danger zone, you could p...

sites.libsyn.com

Will the 2024 Elections Impact Your Retirement?

Dec 27 2023

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below about Navigating Elections, Tax Changes, and...

keilfp.com

4 Smart Money Moves in 2024 That Could Make Your Money Go Further in Retirement!

Dec 26 2023

If you’re interested in learning about effective strategies to help you pay fewer taxes, generate income, minimize risk, and protect yourself from inflation in retirement… then don’...

bossretirement.com

What America’s Retirement Downgrade Means To You!

Dec 26 2023

Tax increases, stubborn inflation, skyrocketing healthcare costs… And Social Security’s running out of money. It’s no wonder America’s retirement system just got downgraded. H...

bossretirement.com

Charity — How to Give, Why to Give, and the Tax Benefits You Can Receive

Dec 25 2023

By Dr. Jim Dahle, WCI Founder Giving money away can be an important part of the financial life of high earners like white coat investors. It can help the recipient and the giver, and we're not just ta...

whitecoatinvestor.com

How To

Charity

Qualified Dividends and Capital Gains Stack on Top on Your Tax Return

Dec 25 2023

[Editor's Note: Since 2020, one of the big annual WCI goals is to put The White Coat Investor's Guide for Students book into the hands of as many students in the medical field as we can. For free. The...

whitecoatinvestor.com

Dividends

10 Step Year-End Financial Checklist for Physicians

Dec 23 2023

As we wrap up 2023, it’s the perfect time to evaluate our finances, including taxes, investments, retirement, savings, and estate ... Read more...

physicianonfire.com

Estate

Reminder for last minute tax or investment items

Dec 22 2023

Public Service Announcement ? Doing a Roth conversion for 2023 ? Must be done by the end of THIS month, Dec 29 (yes deadlines for contributing to a Roth IRA versus doing a Roth IRA conversion for the ...

reddit.com

What do you do about complicated financial things when you are really old?

Dec 21 2023

I retired at age 57 last year. Nowadays I have fiduciary financial advisors to help me navigate all the complexities of being a person that has to file quarterly taxes and figure out how to best move ...

reddit.com

Tax Savings Strategies for 2023 to Maximize Your Refund

Dec 20 2023

[168] – There are only 10 days left in the tax year. What can you do right now to maximize your refund? In this episode, Jeremy Keil discusses strategies for maximizing tax refunds and retiremen...

keilfp.com

Proposed Billionaire ($100 Million) Tax: Is It Just The First Step?

Dec 19 2023

Proposed Billionaire's tax will radically alter income and estate taxes and planning for wealthiest. It may apply at $100 million level of wealth....

forbes.com

You Can Still Cut Your 2023 Tax Bill With These Moves

Dec 18 2023

Fund retirement accounts. Give to charity. Harvest losses. Get energy efficient. Here are some strategies to shrink your taxes for 2023–and beyond....

forbes.com

Avoid These Tax Preparation Mistakes with Randy Crabtree

Dec 13 2023

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for How to Improve Your Relationship With Yo...

keilfp.com

Mistakes

Encore: Tax Loss (and Gain!) Harvesting with Andy Panko

Dec 11 2023

Another special encore episode just in time for year end. Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take. Today, we're replaying our epsiode ...

sites.libsyn.com

How the 2024 Social Security COLA May Impact Retiree Tax Bills

Dec 11 2023

Understand how Social Security payments are adjusted for inflation and think about your taxes for the coming year....

money.usnews.com

Cola

Tips for using a 'medical IRA' that offers triple the tax savings

Dec 08 2023

More working Americans have a health savings account, but many are not using them to their fullest potential....

financial-planning.com

Ira

Unlocking the Hidden Retirement Goldmine…Tax Preparation vs. Tax Planning

Dec 05 2023

You want to pay less in taxes. But did you know that during retirement, you CAN control that? Retirement is when you have the most control over how much you pay. All it takes are some simple tax-plann...

bossretirement.com

Social Security Taxes vs. Benefits: Americans Take Far More Out Than They Pay In

Dec 03 2023

New Urban Institute report shows the average American will receive much more in benefits…...

401kspecialistmag.com

Converting your RRSP to a RRIF: What you need to know

Nov 30 2023

When planning for retirement, Canadians often turn to registered retirement savings plans (RRSP) as a tax-advantaged option to grow their money. After all, RRSPs are designed to help you accumulate re...

retirehappy.ca