How to Manage Investment Volatility and Maximize Your Retirement Income with a Diversified Tax Strategy Managing the ups and downs of your investments is a fundamental principle of smart investing. But beyond just spreading out your assets to reduce risk, have you considered how your retirement income might be impacted by taxes? The way you […]
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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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Retirement brings many changes, and with these changes come new considerations when it comes to filing your tax return. As you prepare do a tax return review for 2023, it’s important to be aware of the specific issues that can impact your financial health and compliance with tax laws. Our comprehensive checklist, “As a Retiree,
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This comprehensive guide is designed to help you navigate the complexities of tax loss harvesting, a strategy used to offset capital gains with losses to reduce your taxable income. The checklist covers essential considerations such as understanding the wash-sale rule, evaluating the timing and amount of losses to harvest, and the impact on your overall
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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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