Have you got a solo 401(k) plan with more than $250,000 in it? If you do, here’s a question you need to answer now: Did you, your tax preparer, or plan administrator file a 5500-EZ? If you’re not certain, you better check this out immediately because a failure to file could cost you a lot of money in fines. Want to find out if you’re at risk and what to do if you are? … [Read more...]
Retirement
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Turn your IRA into a Roth IRA and save!
If you’ve got a traditional IRA, rolling it over into a Roth IRA can make a lot of sense. That’s because you can grow your earnings completely tax free. What’s that? You’re worried about getting slammed with a huge tax bill when you make the switch? Relax. We’ve got three surefire strategies you can use to slash your tax bill and, in some cases, eliminate taxes … [Read more...]
Take money out of your Roth IRA tax free, penalty free!
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...]
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...]