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4 Things to Love About Roth IRAs
Roth IRAs are a highly recommended retirement account for a reason. Originally introduced as the ‘IRA-Plus’, these accounts were designed to empower middle-class Americans to save for retirement. To this end, they come with...
Read MoreUnderstanding Types of Retirement Accounts
Chances are your employer provides varying benefit plan incentives designed to help you save for retirement. All employer retirement plans fit into two main categories: qualified retirement plans and non-qualified retirement plans. We...
Read MoreReview Your Tax Withholdings
Why to Check Your WithholdingThe IRS doesn't require you to file a return unless you owe money. However, it does allow you to deduct certain taxes from your income, such as state and local sales taxes, property taxes, mortgage interest...
Read MoreThree Ways the Inflation Act Could Impact You
Have you heard? The Inflation Reduction Act was signed into law on Tuesday, August 16. While the $430 billion package includes many provisions, I thought I’d highlight three key areas where you may benefit the most.Tax...
Read MoreHow to Keep Your Identity Safe
In case you didn’t know, June is National Internet Safety Month. With nearly 4 billion people on social media worldwide, plus the risks of using online brokerage and bank accounts, the need for digital security has never been...
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Tax Changes: What's In, What's Out?
While it’s still too early to draw any final conclusions, Congress is getting closer to outlining what tax law changes are under consideration to pay for the proposed $1.75 trillion Build Back Better Plan.1 For now, it appears...
Read MoreThe Underutilized Benefits of a Health Savings Account
Healthcare can be one of the priciest yet essential parts of life’s journey. And yet, many struggle to utilize the financial tools that may help. Take Health Saving Accounts (HSAs), for example. In 2019, 55% of those with HSAs...
Read MoreA 6.1% Bump in Social Security?
The news keeps getting better for Social Security recipients. It's now projected that benefits will increase 6.1% in 2022, up from the 4.7% forecast just two months ago. That would be the most significant increase since 1983.1,2...
Read MoreThe Roth IRA’s Secret Tax Benefits That Everyone Should Know
1. Tax-Free Withdrawals Money that goes into a Roth IRA is after-tax dollars. Because you've already paid taxes on that money, once it is withdrawn, it comes out tax-free. There are some restrictions on those withdrawals if you want...
Read MoreDebate Starts on Capital Gains Tax
PNow and again, the price action on Wall Street can surprise even the most seasoned investors. Look no further than when President Biden in late April proposed an increase in the tax on capital gains to 39.6% from 20% for those...
Read MoreReminder to Complete 2020 IRA Contributions
Now is the time to make final contributions to your IRA for 2020. Any contributions made before April 15, 2021, may mean an additional deduction or credit on your 2020 tax liability if you have not yet met the maximum contribution...
Read MoreHow Soon Might the Stimulus Arrive?
While many in the United States are beginning to receive vaccinations and people are starting to foresee a life after COVID-19, it remains clear that things aren’t yet back to normal. As a result, there has been a great deal of...
Read MoreTax Filing Season Is a Little Later This Year
Recently, the Internal Revenue Service (IRS) announced that tax season will start a little later than usual. This year the IRS will begin accepting and processing 2020 tax returns on Friday, February 12, 2021.1 In light of the...
Read MoreReminder to Complete 2020 IRA Contributions
Now is the time to make final contributions to your IRA for 2020. Any contributions made before April 15, 2021, may mean an additional deduction or credit on your 2020 tax liability if you have not yet met the maximum contribution...
Read MoreSpeed Bumps & Headlines
As an investor, it can be tempting to get caught up in daily news headlines. Consider how news about the election and COVID-19 vaccines have moved the markets over the past several weeks. But having a financial strategy can help you...
Read MoreHow Are My Benefits Calculated?
Your Social Security benefit amount is based on your work history, specifically your 35 highest years of salary. The key to earning Social Security benefits is to work at least 10 years to qualify for benefits and then try to pack in...
Read MoreInterest Rates and Your Mortgage
With the Federal Reserve keeping interest rates at or near zero, you may wonder about your mortgage. Is it a good time to refinance or even pay off the debt entirely? After all, your mortgage is one of the biggest expenses you may...
Read More2021 Limits for IRAs, 401(k)s and More
On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. 401(k)sThe salary...
Read MoreDetermining the best tax strategies for your small businesses
No matter how simple or complex your business, tax considerations are central to many important decisions: how you structure your business, how you pay yourself, whether to buy or lease office space and equipment, and more.In order to...
Read MoreIs Tax-Loss Harvesting For You?
There are plenty of things you can harvest, and it’s even harvesting season, but did you know that you can harvest your taxes? Investopedia defines tax-loss harvesting as the selling of securities at a loss to offset a capital...
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