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9 09, 2020

Retirement Fund Rollovers: Watch the Calendar and Follow the Rules

By |2020-09-11T02:29:32-07:00September 9th, 2020|Categories: IRAs, Retirement Planning, Tax Planning|Tags: , , , , , , , |0 Comments

There are many reasons why you might want to move your retirement savings to another account.  Maybe you want to invest with a company with better performance. Maybe you changed jobs and want to bring past accumulations with you to a new plan. If you’re among the millions who lost a job as the economy

2 09, 2020

What to Know About Health Savings Accounts (HSAs) in 2020

By |2020-09-07T01:00:05-07:00September 2nd, 2020|Categories: Retirement Planning, Tax Diversification, Tax Planning|Tags: , , , , , |0 Comments

Since health savings accounts (HSAs) were introduced in 2004 as part of the Medicare Prescription Drug, Improvement and Modernization Act, they have surged in popularity as a flexible way for numerous Americans to reduce taxable income and save for future medical expenses. But since the IRS establishes new rules governing HSAs each year, it’s important

26 08, 2020

Limiting Your Post-Retirement Tax Bite

By |2020-09-03T00:46:12-07:00August 26th, 2020|Categories: Retirement Planning, Tax Diversification, Tax Planning|Tags: , , , , , |0 Comments

Saving for retirement in tax-deferred vehicles is a great way to reduce your tax burden today. But it’s also important to limit the tax bite out of your hard-earned savings later by creating a stream of tax-free retirement income. By most estimates, income tax rates will likely rise in the future. Current rates set in

31 07, 2020

5 Reasons to Consider Using a Trust

By |2020-08-09T01:31:49-07:00July 31st, 2020|Categories: Estate Planning, Retirement Planning|Tags: , , |0 Comments

When approaching the estate planning process, many people assume that a simple will is all they need to effectively distribute assets among their heirs. While a will is an integral component of any estate plan and an important tool for spelling out your wishes after you die, trusts offer a variety of benefits and, in

24 07, 2020

Converting to a Roth? Don’t Dip into Your Traditional IRA to Pay the Taxes

By |2020-07-24T00:42:03-07:00July 24th, 2020|Categories: IRAs, Tax Planning|Tags: , , , , , , |0 Comments

Converting a traditional Individual Retirement Account to a Roth IRA offers tax advantages in certain situations. It is most advantageous when you can pay any resulting income taxes without using funds from the traditional IRA. Contributions to Roth IRAs have already been taxed, so they grow tax-free. That means withdrawing from a Roth IRA after

17 07, 2020

The Downside of a Large Tax-Deferred Nest Egg

By |2020-07-17T23:57:51-07:00July 17th, 2020|Categories: Retirement Planning, Tax Planning|Tags: , , , , , , |0 Comments

You’ve been saving aggressively in an IRA or 401(k) plan for your whole career and you’re set up well for retirement. Or are you? If you’ve built up a large nest egg only or mostly in tax-deferred accounts, you may give up too much of your hard-earned savings to taxes when you begin withdrawing from

10 07, 2020

Use the Step-Up in Basis to Give Your Heirs More

By |2020-07-09T23:08:36-07:00July 10th, 2020|Categories: Retirement Planning, Tax Planning|Tags: , , , |0 Comments

If you have been fortunate enough to invest steadily for the long term in stocks, real estate, or other appreciating assets, you may find yourself holding a sizable fortune late in life. The smart move is to leave these assets to heirs, to take advantage of the step-up in basis rules and avoid taxes. A

7 07, 2020

What are the Options for Your 401(k) When You Retire or Change Jobs?

By |2020-07-15T00:26:47-07:00July 7th, 2020|Categories: Retirement Planning, Tax Planning|Tags: , , |0 Comments

Whether you are pursuing a new career opportunity, retiring, or have been fired or laid off, leaving a job is a major life change. If you had a 401(k) with your former employer, one of the many decisions you will have to make as you navigate the transition is what to do with the balance

3 07, 2020

Time Your Tax Burden with Capital Gains Harvesting

By |2020-07-05T02:37:00-07:00July 3rd, 2020|Categories: Retirement Planning, Tax Planning|Tags: , , |0 Comments

In many aspects of investing, timing is everything, and that’s true for capital gains. With careful attention to your taxable income, you can strategically time the sale of profitable investments to minimize—or even avoid—taxes on capital gains. This is called capital gains harvesting. The idea is to sell assets and take the gains when your

30 06, 2020

How IRA Contributions May Affect Qualified Charitable Distributions (QCDs) after the SECURE Act

By |2020-06-30T09:18:13-07:00June 30th, 2020|Categories: IRAs, Tax News|Tags: , , , , |0 Comments

For traditional IRA owners aged 70.5 or older, making qualified charitable distributions (QCDs) from their accounts offers a way to donate to a charity of their choice while reducing taxable income. However, among its many other changes to retirement plans, the Setting Every Community Up for Retirement Enhancement (SECURE) Act included provisions that have made

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