Last week we talked about the Essentials of Asset Location; basically, what investments we should put in different account types. In today’s episode, we go through a real life example of how very poor asset location ended up costing investors thousands (and in one case hundreds of thousands) on their tax bill.
Tune in to learn from their mistake and not end up with a nasty tax surprise.
If you’re looking for ways to give money to charity in a tax efficient way, this episode is for you. It’s based on a great article I read by Christine Benz over at Morningstar, and it highlights three ways you can give to charity this year, including one really easy one that anyone can take advantage of.
While Roth Conversions can be a great financial planning tool, they are not suitable for everyone. And there may be times when you should avoid them altogether. In today’s episode, I discuss 5 reasons why you should not do a Roth Conversion. Make sure to tune in so that you can be as smart with your taxes as possible, and set yourself up for the best retirement possible.
I received a great question from someone recently: Should he do a giant (and I mean giant) Roth Conversion in light of potential tax increases as well as future legislation potentially ending Roth Conversions?
Tune in to listen to my answer as well as 5 things to think about if you want to make a big Roth Conversion.
What you need to do to lower your tax burden
I get a lot of questions about how to lower your taxes not just in the current year, but over your lifetime. It’s an important topic, especially as taxes are set to rise in just a few years (or maybe sooner).
Next Wednesday at 6 PM MST/5 PM PST, I’ll be hosting a live webinar on how you can start creating your own tax strategy so that you can lower your lifetime tax burden and retire comfortably.
Last week a politician said something so head scratching about taxes that made me wonder how much he really understands our tax system. The Congressman (Jerry Nadler) said: “No one should ever be taxed twice on the same income. It’s not fair and it’s not just.” Where in the world has he been? What tax code has he been looking at for the 29 years he’s been in Congress? Since I am a teacher at heart, let’s do a little education for Mr….
I recently went to the Dentist for my annual check up and like I do often, saw a connection to our personal finances. Thanks to my amazing parents (and the braces they got for me decades ago) my teeth are pretty straight. However, I did get chastised a bit for not wearing my Night Guard to prevent grinding my teeth while I sleep. Meeting up with a professional, like a Dentist, on an annual basis not only helps prevent immediate…
Last week my girlfriend and I were out doing some shopping, getting some essentials so we (okay, she) could make something tasty for us later that night. We grabbed some organic pink Himalayan salt that was marked for $2.50, along with some other things, and get to the cash register. But once the salt is rang up, it displays a new, absurd price of $6.79. It was a classic case of an item being in the wrong section, and a…
To the surprise of a number of people that I’ve worked with and talked to, yes, there is a chance that your Social Security Benefits will be taxed. Currently, about 40% of people who get benefits pay income taxes on them. I know what you may be thinking: I’ve paid Social Security Taxes all throughout my earning years, and now you’re telling me that I could be taxed on it again? Yup, that’s exactly what I’m saying. It’s kind of…
As we detailed in the last blog (Understanding Your Social Security Options), although you can start receiving your Social Security benefits at age 62, it really pays to wait. The longer you wait to take your benefits (between the ages of 62 and 70), the higher your monthly benefits are than if you took your Social Security early. So, what if I wait? To put this into perspective, here’s an example of what those different benefit amounts would look like…