Worried that maxing out your retirement accounts will not leave you enough on before 59 1/2? Here are all the penalty-free ways to draw money from your IRA that make it almost always the right move to still max out your retirement accounts. Over the past year and a half, I’ve gotten all sorts...
Pay Less Taxes
Another Tax Bill Update: Finish Paying Your Estimated 2017 State Income Taxes Now
The tax bill makes paying your final 2017 estimated taxes before year end a worthwhile move. For business owners, contractors, and others who may have dividends, stock gains, real estate gains and anything for which taxes haven’t been withheld, consider getting payments in before 2018 begins. As everyone is probably sleeping off some...
Tax Bill Update: Should You Prepay Property Taxes Before 2017 Ends?
The new tax bill was officially signed into law this past Friday. Folks may have an opportunity to save thousands on their tax bills by prepaying 2018 property taxes before the clock runs out this year. Here’s who is affected. Update (12/27/2017): The IRS released official guidance on prepayment of property taxes on December...
5 Loose Ends To Tie Up By The End of The Year
5 things to get done before the end of the year. Then kick back with some holiday cookies! The holidays are my favorite time of the year. They combine year-end reflection, financial analysis, and mountains of baked goods – three of my favorite things in the world! For others who are also thinking...
The Backdoor Roth IRA
A tested, fully legitimate strategy for those who don’t usually qualify for a Roth IRA to enjoy its benefits. As much as $150k of value for employing one tax optimization strategy early in your career. After this Tuesday’s post, Four One Percenter Couples Share How They Do Money, I received several emails from...
Find Out Whether You Win or Lose Under The Proposed Tax Bill
If you’re trying to figure out whether you will benefit or lose under the new tax bill, check out the summary below. We’ve all heard plenty about the tax changes coming our way under the new administration. They are contemplating some of the largest changes to the tax code in decades, which is...
You Can Pay Zero Income Tax In Retirement – Legally
Good news for you and your projection sheet. If you’ve been baking in income taxes in your retirement plan, you may actually be closer to retirement than you think. For most of our working lives, we generate a sizable amount of income. That bumps us into higher tax brackets for our long term capital...
Four-Step Blueprint to Retirement: Part 2
This is part two of a two part series on achieving retirement. As we already know from part one, there are two universal equations that govern our retirement progress. The savings equation and the nest egg equation. Universal Retirement Equations 1) Income – Spending = Savings 2) Savings x Growth X Effective After...
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