There’s a reason they call the Roth IRA “the Swiss Army knife of savings plans.” You see, the Roth IRA is much more than a retirement fund. It’s also a down payment fund, a college savings fund, and an emergency savings fund all rolled into one! That’s right. If you know what you’re doing, you can withdraw money from your Roth IRA for any purpose and pay zero taxes and zero … [Read more...]
Retirement
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How big earners can contribute to a Roth IRA
Roth IRAs are terrific for a whole host of reasons. But all too many people think they can’t contribute to a Roth IRA because they earn too much money. Wrong! Congress has recently created loopholes that allow even high-income earners to contribute to Roth retirement accounts. What exactly are these loopholes, and how can you take advantage of them? You’ll get the whole … [Read more...]
How to use the IRA “Double-Win” strategy
Are you moving money out of a 401(k) fund? If the answer is “yes,” you may be able to knock thousands, or even tens of thousands of dollars off your tax bill! How? By using a smart roll-forward, roll-backward technique we call the “Double-Win” strategy. In a recent issue of the Tax Reduction Letter we outlined a winning way to slash taxes on your retirement funds by … [Read more...]
How to slash your IRA tax bill
There are two ways to think about your traditional IRA. (Both are valid.) Your IRA is a great way to save for retirement. You fund your account every year and watch your assets grow tax free. Your IRA is like a tax time-bomb waiting to explode. When you’re older, and it comes time to cash in your holdings, you have to pay a lot of taxes on both your contributions and … [Read more...]
Important year-end retirement and medical tax strategies
Here’s a fact that every business owner should know… Depending on how you’ve structured your retirement and medical plans, our year-end tax strategies can slash your 2014 tax bill by $5,000 to $15,000 or more! Does this sound too good to be true? Well, it is true and I’ll prove it to you. In my new article, I’ll explain seven killer strategies that can save you a bundle. … [Read more...]