Archive - 2021

1
There is Still Time to Lower Next Year’s Tax Bill
2
Does it Look Too Good to Be True? Seek Financial Planning Advice
3
3 Ways of Dealing Without Recharacterization
4
Personal and Business Dollars: Why The Two Are So Drastically Different
5
Do You Have to Choose Between an IRA and a 401(k)?

There is Still Time to Lower Next Year’s Tax Bill

There really is still time to do a few things that can alter the way your tax bill looks next year…if you act quickly. USA Today offered “Ten tips to lower your federal income tax bill before 2021 ends“.

Wait on that bonus
If it is possible, ask to get your year-end bonus next year. That way, it is not part of your income this year. We are often told not to pass along potential issues to the future. At the same time, it is also advisable to live in the moment. When it comes to paying less …

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Does it Look Too Good to Be True? Seek Financial Planning Advice

One woman looking to snag a deal and make someone happy found what she thought was an Xbox at an incredible price. It turned out that what she thought was a low-priced Xbox game console was actually an Xbox fridge. This novelty item was made and packaged to look like the game console when was actually an appliance to keep food cold.

It’s an amusing story and it made for a great social media post but as one observer quoted in a Yahoo! article wondered, ‘Isn’t this false advertising?” There are cases where things are advertised in a way …

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3 Ways of Dealing Without Recharacterization

As of the passage of the Tax Cuts and Jobs Act of 2017, recharacterization of a Roth IRA conversion is no longer an option. What can you do to now, to simulate the benefit had by recharacterization of a conversion?

It should be noted that regular contributions to a traditional or Roth IRA can still be recharacterized – it’s only a traditional IRA-to-Roth IRA conversion that is disallowed.

If you recall, the primary reason that you would want to recharacterize is if you converted funds and then, by the time you pay the tax, the holdings that you converted have …

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Personal and Business Dollars: Why The Two Are So Drastically Different

At the twilight of your career in your 50s and 60s, you may be looking to change careers and dedicate your time and talents to something more in line with your value system.  If you’re like many others at this pivotal stage of your career, it might not be as simple as getting a new job working for someone else. You may want to start a business of your own. While being your own boss might sound like an appealing proposition, there are endless considerations and unique problems to solve as a business owner.  In particular, the difference between your
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Do You Have to Choose Between an IRA and a 401(k)?

There is a popular set of memes used all over the internet in which someone is seen saying “Why not both?” There is no indication of the question being asked but the idea behind it is that if you aren’t forced to pick one of two choices, you can choose both and this might be to your advantage.

A CNBC.com article about “the key differences between 401(k) and Roth IRA retirement plans” offers oft-repeated advice as well as one piece of advice you don’t often see in these comparisons: if possible, you should have a Roth IRA and …

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