With wealth comes unique financial planning challenges. Learn how a financial advisor specializing in tax strategies for wealthy individuals and couples can help. If you’ve accumulated considerable wealth throughout your lifetime, it’s common to have questions about how you can enjoy a comfortable retirement while leaving a legacy for your family and any charitable organizations […]
Taxes. One of the most hated aspects of personal finance, but without them, we don’t have a country. So, unless you want to get in serious trouble and potentially go to jail, you must pay Uncle Sam his due. The US tax code is infamous for its complexity, resulting in over 510,000 tax accountants, over […]
You can use Exchange-Traded Funds (ETFs) to avoid the wash-sale rule in several ways. Here are three, from the clearly legal to the more questionable. Most wealthy people constantly look for legal ways to minimize their taxes, and the rest of us can learn from their tricks. Some expand that to include tax reduction strategies […]
So, you’ve been diligent and maybe even a little frugal. You’ve squirreled away money in IRAs, a 401k or two, perhaps a 403b… Hopefully, enough to enjoy a well-deserved, comfortable retirement. To reward you, Uncle Sam (and possibly your state taxing agency) gave you tax deductions to make it easier to invest for the future. […]
The Internal Revenue Code (IRC) offers some great opportunities to dramatically reduce your taxes in certain situations. It also has pitfalls you’ll need to avoid if you don’t want to pay more taxes than legally required. The 83(b) election is a great case in point… What Is the 83(b) Election? If you work in the […]
Concerns about inflation, interest rates, and debt levels have dominated the public discourse as the world recovered from the global pandemic. Yet it’s the increased tax burden weighing heavily on the minds of many Americans. Sixty percent of Americans feel they are paying too much federal income tax, according to a Gallup poll conducted during […]
One of the downsides of the Roth IRA (Individual Retirement Account) is that there are income limits that preclude high-income earners from contributing directly to these accounts. But for people on the cusp, or for those who unexpectedly end up earning more than they planned (or who get married during the year and only discover […]
Ask an Advisor: Will contributing more to my 401(k) lower my tax bracket? For example, say I make $50k (tax bracket with 22% rate) and contribute $6k to my Traditional 401(k) ($44,725 is the max for the bracket with a 12% rate). Will I be placed in the lower bracket? – J.P. Contributing more to […]
In almost all cases (assuming your Modified Adjusted Gross Income allows it), you should prefer to contribute annually to a Roth IRA rather than to a traditional IRA. It was in 1993, as a postdoctoral fellow at Texas Tech University, that I had a fateful conversation about saving for retirement. I got chatting with a […]