Your tax planning manual (part 3)

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    Your Tax Planning Guide (Part Three)

    Retirement Roth Conversions Part 2 [Video]

    by Robert Stoll, Financial Design Studio, Inc.

    In our first video about Roth conversions before retirement We’ve talked about what Roth conversions are and why you might want to do them. Saving taxes is an important driver of the strategy. They “fill” strategically lower tax brackets in order to avoid that required minimum distributions drive you into higher tax brackets in retirement. In Part 2 of our series on Roth Conversions, we take a closer look at planning this strategy years before you retire.

    [Watch the Video]

    How to take advantage of the tax advantages of your HSA

    by Scott Monk, Charis Legacy Partners

    For those of us with financial goals, it is easy to focus on generating an excess of wealth (i.e., the amount of accumulated wealth beyond what is needed for retirement planning) by increasing our income or making it a more aggressive one Choose asset allocation that offers a higher rate of return over time. If your financial plans have strong legacy goals, these may be perfectly reasonable ways to build an inheritance, but building and maintaining an inheritance is just as important strategic tax planning. One of the best ways to do this is with an account that we often don’t associate with long-term savings – Health Savings Accounts (HSAs).

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    How tax free accounts work

    by Michelle Smalenberger, Financial Design Studio, Inc.

    Let’s take a look at how tax-free accounts work. Who are they for and what are their rules? Perhaps this is an account that will benefit you. We have already discussed taxable accounts and deferred tax accounts in our last posts. When you think of tax-free accounts, think of post-tax account types. For example Roth, Roth IRAs, or Roth 401 (k) s; These are post-tax accounts.

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    Save taxes by doing Roth conversions [Video]

    by Robert Stoll, Financial Design Studio, Inc.

    Like you Near retirement, you can stretch your retirement dollar by taking strategic measures to save on taxes Roth conversions. The goal is to help you save on taxes that you would normally have to pay when taking money out of a traditional IRA. We do this by strategically observing when you record retirement income and transferring traditional money to a Roth in years when your income is low and you are in a low tax bracket. In this way we can “fill in” lower tax brackets that might otherwise be wasted.

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    Tax return deadline & incentive payments – be careful!

    by Michelle Smalenberger, Financial Design Studio, Inc.

    The deadline for filing taxes for your 2020 tax return has been extended to May 17, 2020. This gives you a little wiggle room to understand the recently passed laws that provided for this another incentive payment. More money is always great, right? Before you say Yes Look too quickly for the dollar amounts on your tax return!

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    For more information on how to afford college, please visit:

    Good Financial Results: Your Guide to Tax Planning (Part 1)

    Good Financial Results: Your Tax Planning Manual (Part 2)


    Following financial advisor blogs is a great way to access valuable, educational information about finance – and it won’t cost you anything! Our financial planners are happy to share their knowledge and help everyone, regardless of age or wealth.



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