Category - Taxes

1
Moving from “tax” prep to “life” prep
2
4 Ways to Save on Taxes When You Fund Higher Education
3
5 Tax Planning Considerations of a Roth Conversion for Your TSP Account
4
TSP Rollover to an IRA Account—Should I do it or Not?
5
Giving to charity: doing the best you can

Moving from “tax” prep to “life” prep

At this time of year, everyone becomes a master at document gathering.  There is a shoe box or a filing system or a folder on your laptop to hold all the tax-related documents which are needed to complete your income tax returns.  It requires a diligent attitude to ensure nothing has been neglected or omitted which is important to the outcome of the bottom line.  Once the taxes have been submitted for the year, there is always a sigh of relief in getting to completion.

Before you pack everything up and put it away for another year, take a step …

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4 Ways to Save on Taxes When You Fund Higher Education

It is tax time – whether we like it or not! And you could save significant tax dollars if you recently funded your kids’ college education or your own. Here is what you need to know.

Your children are in college. You are determined to pay for their education. It is a lot of money! You wonder if Uncle Sam helps you here – I mean, in the form of tax incentives. Well, in fact, he does.

Thanks to the current laws, yes you could save on taxes when you pay for higher education. While the finest details are in …

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5 Tax Planning Considerations of a Roth Conversion for Your TSP Account

Introduction

Many people have taken advantage of the Roth TSP option since its inception in 2012.  However, there are still many federal employees and service members with most of their retirement savings in traditional accounts.  Naturally, this begs the question: “How do I convert my traditional account to a Roth account?”  This is also known as a Roth conversion.

The more appropriate approach should be to ask two questions:

  • Should I convert my traditional account to a Roth account?
  • If so, how do I do this in the most effective manner?  Effective manner indicates minimal loss of money through fees,
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TSP Rollover to an IRA Account—Should I do it or Not?

This is a question that I received the other day from someone who has a lot on his plate.  He’s getting his financial life in order and was trying to figure out whether a TSP rollover was the right thing.  While everyone has different perspectives and situations, there is one constant:

Any financial decision you make should be consistent with a financial plan that reflects your values and goals.

This article will discuss the pros and cons of rolling your TSP account into an IRA.  However, any decision you make should be consistent with the long-term plan or strategy you …

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Giving to charity: doing the best you can

By now, your mailboxes (IRL and virtual) are probably crammed with year-end catalogs and heart-rending appeals for donations. But just as with spending, we want to maximize the use of our hard-earned dollars when we make charitable donations.

As I’ve suggested before, it’s worth checking out any potential charity with Guidestar.org and Charity Navigator. These ratings groups aren’t infallible, but they can give you some idea of how well your money will be spent. There are lots of well-known charities whose funds seem to go mainly to publicity and their CEO’s salary. Really, look up a few that come …

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