With the recent geopolitical changes and bank instability is there risk that the US Dollar loses it’s place as the world’s reserve currency? Read more to see our opinion and how soon it could happen.
A mega backdoor Roth IRA is a strategy that allows individuals to contribute additional after-tax funds to their 401(k) plan beyond the regular annual contribution limits, Read here to see how to perform this contribution.
The averaging rule is an IRS rule that applies to any conversion of Traditional IRA funds to a Roth IRA. This means taxpayers can no longer perform the backdoor Roth like they have been in the past.
If you own rental property or are involved in real estate investments, you may be able to take advantage of the tax benefits associated with being a real estate professional. However, in order to qualify as a real estate professional under IRS rules, you must meet certain requirements. In this article, we will discuss the …
How to qualify as a real estate professional on your tax return Read More »
Qualified charitable distributions are a way for people over the age of 70.5 to donate to charity in a tax efficient way. Making charitable donations efficiently in a tax efficient way means you can save more for personal use or even just donate more to the charity of your choosing. Here’s how it’s done and …
QCD – if you are approaching retirement age, stop donating to charity Read More »
With the rising rates of inflation in the US and the way other asset classes have dropped in value, US investors have turned towards buying treasuries and US savings bonds to protect their wealth because interest rates were inflated due to recent CPI reports. Each year the Treasury allows individuals to purchase up to 10k …
Over the last two centuries, the asset class that has created an overwhelming majority of the world’s millionaires was real estate. Why is this the case, and why is real estate one of the best options to attain wealth while simultaneously being the easiest asset class to avoid paying taxes? One of the most important …
How to become a millionaire tax free through real estate Read More »
Most recent CPI (consumer price index) numbers were reported last week at 7% year over year which is a historical 40 year high, leaving investors and retirees worried about the future of their finances. The Federal Bureau of Labor Statistics calculates the CPI and publishes percent changes in prices of a set selection of consumer …
How to protect your finances in a period of record inflation Read More »
The IRS recently announced that you can contribute more pre-tax money to several retirement plans for 2022. If you recently switched jobs or are in a different financial position than you were in 2020, now might be a great time to review your contribution amounts and make changes as needed to meet your long-term financial …
When deciding on which type of retirement account to contribute to there are many misconceptions and confusions regarding which type is optimal. Oftentimes people will mistakenly ask if they should contribute to a 401k or an IRA when in reality that is the incorrect question to ask. The correct question individuals should ask is whether …
What’s the Difference Between a Roth and a Traditional IRA? Read More »