Are you thinking about how to handle your retirement accounts and medical coverage/plans from a tax perspective? You should be concerned about these issues because December 31 is almost here and if you take action before that date, you could save yourself a lot of money. We’ll show you proven, totally legal techniques you can use right now (before time runs out) when you … [Read more...]
Retirement
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Make the RMD From your Traditional IRA, Tax-Free
Make the RMD from Your Traditional IRA, Tax-Free You probably know that once you turn 70 ½, the tax code requires you to withdraw a tax-code-defined “required minimum distribution” (RMD) from your traditional IRA. The taxable RMD adds to your “adjusted gross income” (AGI) and can increase the taxes on your Social Security benefits. What you may not know is that you can … [Read more...]
Check Your Beneficiary Designations Now, Before Disaster Strikes.
Are your beneficiary designations listed correctly on key documents? Are they up to date? I sure hope so because you may think that with the generous $1.4 million federal estate-tax exemption, your estate wouldn’t owe any federal estate tax. Or that your estate plan is in good order. But things change. Your wishes change. And things can turn ugly fast if your beneficiary … [Read more...]
Roth IRA versus Traditional IRA: Which Is Better for You?
When it comes to saving for retirement, you have two excellent tax-advantaged ways to go. You can save using a Roth IRA or a Traditional IRA. Which one should you choose to help you enjoy a financially secure retirement? Well, it depends. And that’s why I’m devoting a full article in the Tax Reduction Letter to help you make the right decision. Want to find out … [Read more...]
Roth IRA After Tax Reform: The Backdoor Is Still Open
Do you believe that you’re ineligible for a Roth IRA because your income exceeds certain limits set by the IRS? Well, I’m happy to tell you that you’re mistaken. The fact is, if you know how to play the game, you definitely can open a “backdoor” Roth IRA, easily and legally. And doing so is a smart move. That’s because the Roth IRA is a great way to grow your wealth with … [Read more...]