Charitable giving is a meaningful way to support causes you care about, and choosing the right method can maximize your impact. Donor-Advised Funds (DAFs) offer a flexible, tax-efficient way to manage charitable contributions, but they may not be the best option for everyone or every situation. This flow chart in my recent post is designed […]
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Deciding whether to contribute to a Roth 401(k) can be complex. Your choice depends on various factors, including your current tax situation, future income expectations, and retirement goals. This flowchart offers a general guide to help you navigate this decision, but it’s important to remember that everyone’s financial situation is unique. The Roth 401(k) option
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Navigating Inherited IRA Rules: Key Changes and Strategies Post-SECURE Act Recent changes brought about by the SECURE Act and SECURE 2.0 Act have added complexity to inheriting an IRA. The estate planning and tax benefits once provided by the stretch IRA are largely no longer available, necessitating new strategies and tax planning approaches. Previously, the
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Inheriting property can significantly impact your financial situation, especially when it comes to understanding the tax implications. One critical aspect to consider is whether you will receive a step-up in basis for the appreciated property you inherited. This can greatly affect the amount of capital gains tax you may owe if you decide to sell
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A Roth conversion involves transferring funds from a traditional IRA or 401(k) into a Roth IRA, potentially offering significant long-term tax benefits. However, several factors need to be considered to determine if a Roth conversion is right for you. The primary consideration is the current and future tax implications. When you convert to a Roth
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Managing income from a taxable non-qualified account requires careful planning to optimize your tax situation and align with your financial goals. Unlike tax-advantaged accounts, earnings from these accounts are subject to immediate taxation. Therefore, understanding the tax implications of different types of income—such as interest, dividends, and capital gains—is crucial. Interest income is typically taxed
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Restricted Stock Units (RSUs) are a popular form of employee compensation, granting employees shares of the company stock subject to a vesting schedule. When managing RSUs, several key considerations can help optimize their benefits and avoid potential pitfalls. Consulting with a financial advisor and/or a tax professional that can provide personalized guidance, helping you balance
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Determining whether your rental property expenses are tax deductible involves understanding the IRS guidelines and specific criteria that must be met. The primary consideration is whether the property is actively used as a rental and generates rental income. Expenses directly related to managing and maintaining the rental property, such as mortgage interest, property taxes, repairs,
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This easy-to-follow guide helps you determine your eligibility and navigate the steps for making a backdoor Roth IRA contribution. Whether you’re a high-income earner looking to maximize your retirement savings or seeking to understand the intricacies of this strategy, this flowchart provides a clear and concise path to help you understand your eligibility. Contact today
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