The end of the year is approaching, and now is the time for some last minute tax planning before it is too late. Almost every time a financial transaction is made it has an impact on your taxes. Here are some things to look out for and consider: Don’t hesitate to ask questions. If you […]
IRA
Strange Tax Benefits
The tax laws are written with a purpose in mind, but at times, it may be used (loopholes) to receive unintended benefits. You may be able to rent out your home or vacation home tax-free if rented for less than two weeks during the year If you have a home office, you may be able […]
Pay Less Tax on Your Investments
It’s great to accumulate wealth by investing and saving you money, but did you know that taxes can take a large bite from your investments? Every investor, including those with 401(k)’s, IRA’s, and traditional brokerage accounts need to be aware of the impact of taxes. Here are a few tips and items to watch out […]
Traditional IRA vs. Roth IRA
Traditional IRA: An individual retirement account that allows individuals to contribute pretax money to investments. The investments grow tax-deferred until the amounts are withdrawn at retirement, generally age 59 1/2. The maximum amount you can contribute for 2015 is the lesser of your taxable compensation or $5,500 ($6,500 if you are 50 or older). There […]
Your IRA is a Tax Time Bomb
Individual retirement accounts, also commonly referred to as IRA’s, are a great way to save for retirement and potentially reduce your current taxes. Although these benefits are great, there is a tremendous downside that can impact you if you make a wrong move. Early Withdrawal Penalty: If you need to withdraw money from your IRA […]