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...]
Retirement
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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...]
Why tax-free IRA rollovers just became dangerous
An IRA is supposed to be a safe way to save for a secure retirement. But you’d better be careful! You see, in a recent court case, a judge overturned a long-standing rule on IRA rollovers that turns them toxic unless you handle things the right way. Make a mistake and you could be subject to income taxes, a 10% penalty, plus an additional 20% penalty! Want to avoid a huge … [Read more...]
How to create year-end medical & retirement plan deductions
Time is running out! The fact is, if you don’t act by December, 31 you may lose some big tax deductions that you can (and should!) lawfully claim. I’m talking about medical deductions and retirement-plan contributions that can be positioned as business tax-deductions — deductions that can slash your 2013 tax bill! In my new article you’ll find six practical, proven strategies … [Read more...]