Taxes
How Proactive Tax Planning Improves Your Financial Plan
…proactive tax planning can help you build your nest egg: Begin saving in a Roth IRA early in your career when your taxable income is relatively low. As your income…
…proactive tax planning can help you build your nest egg: Begin saving in a Roth IRA early in your career when your taxable income is relatively low. As your income…
…eventually taxed if not rolled into a Roth IRA. For the purposes of this article’s focus, we’ll forgo the discussion on the pros and cons of 401(a) contributions — for…
…sense to contribute to an individual retirement account (IRA). There are two main types of IRAs to consider: Traditional IRA – Traditional IRAs are funded with pre-tax money, which can…
…while taking withdrawals from a portfolio. Strategy #3 – A tax-effective withdrawal plan If you have your retirement assets spread across multiple account types (IRAs, 401(k)s, Roth IRAs, taxable accounts,…
…experience more growth. Tax-exempt account types include: Roth IRAs – Roth IRAs allow you to pay taxes on your contributions in the current year in exchange for tax-exempt growth and…
…for those age 50 and older. If you decide to make spousal IRA contributions, it’s important to confirm you meet income eligibility (for Roth IRAs) or the requirements to deduct…
…a retirement account, in some ways they’re better than even the venerable Roth IRA itself! The Benefits of HSAs HSAs incorporate some of the best features of both traditional and…
…over time. Don’t have access to an employer-sponsored plan? Consider opening an individual retirement account (IRA). There are two main types of IRAs: traditional and Roth. Traditional IRA –Contributions are…
…2021, it might make sense to take advantage of your lower tax bracket to complete a Roth conversion. Converting your pre-tax retirement plan(s) to a Roth IRA can help protect…
…annual contribution limit for traditional and Roth IRAs is $6,000 for those under age 50, and $7,000 for those age 50 and older. Roth IRA contribution limits are gradually phased…