How the pros help clients minimize their tax burden If you have a traditional 401(k), you will have to pay taxes when you take distributions. Unfortunately, that 401(k) money is subject to the worst kind of taxes—ordinary income taxes. The amount you pay is based on your tax bracket, and if you’re younger than 59½, add 10% (for early withdrawal) in…

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For my parent’s generation, who worked diligently after World War II, defining “retirement” was easy. You simply stopped working altogether and devoted most of your time to leisure pursuits. Bolstered by fixed, defined-benefit pensions and Medicare, the “Greatest Generation” often had the luxury of leaving the workforce with a decent nest egg. But things have…

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Experts recommend staying hydrated, choosing nutritious foods, and exercising wherever you can as ways to stay healthy after Christmas.  “I’ll get back on track in January.” You may be familiar with this commonly repeated line when you fall off the health and fitness wagon during the holidays. The period between Christmas and New Year’s Day…

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But are you up to the job? GETTY “In a gentle way, you can shake the world.” — Mahatma Gandhi Generation-Z is taking Mahatma Gandhi’s wisdom to heart—and their career choices are reflecting it. According to a recent study by Girls With Impact, fully 45% of Gen-Zers want to work for a company that makes a…

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Health savings accounts offer a unique triple tax advantage The health savings account, or HSA, can be a powerful savings tool—if you approach it the right way. These accounts, which Congress authorized in 2003, are more than just a simple savings tool for medical emergencies. Retirement planners laud the HSA’s triple tax advantage and its…

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The 401(k) Catch-Up Contribution Limit for 2019 WHEN YOU TURN 50, YOU become eligible to contribute more money to your 401(k) plan. The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Here’s how to take advantage of 401(k) catch-up contributions: Workers can defer paying income tax on…

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Saving for retirement is confusing – it’s no surprise we make mistakes along the way. Luckily, there are strategies to get back on track. Below, financial planners share the most common mistakes, and how they help their clients recover. 1. Failing to create a plan A retirement plan is one of the best ways to…

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by: Jude Heath CPA 6 tax savings ideas to consider before year’s end 1. Pay your 2018 property taxes early If your state and local taxes will be greater than $10,000, pay the excess by December 31st, leaving $10,000 to deduct in 2018. 2. Make an extra mortgage payment Make your January mortgage payment in…

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