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Taxes
Mark your calendars, here’s when tax season starts
It’s the second year since Trump administration’s tax-code changes took effect Jan. 27 is the start of this year’s tax season, the Internal Revenue Service announced Monday. Beginning in three weeks, the agency will start accepting and processing tax returns. This is the second season since the Trump administration’s tax-code overhaul took effect. Some people…
Read More10 Ways to Reduce Your 401(k) Taxes
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…
Read MoreSpending Bill Includes Seismic Retirement Changes, Curtails Stretch IRAs
GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected. It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…
Read MoreHow to Take Advantage of 401(k) Catch-Up Contributions :usnews.com
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…
Read More7 retirement saving mistakes financial advisers see too often
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…
Read MoreHow to Take Advantage of Tax Reform Before Year's End
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…
Read MoreWinning at Life: How Should Newlyweds Invest Beyond Their 401ks?
On Winning at Life, Gregory Ricks and James Parker discuss a comment card from a recent Gregory Ricks Live. They are newlyweds in their 30s looking for some direction on what they should be doing now that they’ve maxed their 401ks, and would like to invest beyond that.
Read MoreWinning at Life: How to Slash Taxes on Company Stocks in Your 401k
On Winning at Life, Gregory Ricks and James Parker explain how a rarely used rule called Net Unrealized Appreciation can dramatically reduce the tax burden of getting stocks out of your company plan.
Read MoreWinning at Life: Tax Scam Busted in Gulfport
Gregory Ricks and James Parker break down the story of a Gulfport tax preparer who is heading to jail for filing fraudulent returns. You have to be able to trust your accountant, and Gregory has some insight on ways you can tell the good from bad. This segment was recorded live on Winning at Life…
Read MoreWinning at Life: Should I Use My Retirement Savings to Buy a Home?
Trevor from Coconut Creek, Florida calls Winning at Life to ask Gregory about using his retirement savings to buy a new house.
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