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How 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: Gary in Gautier: What's your thoughts on day trading?
Gary leaves a question for Gregory Ricks on the Winning at Life app asking for his thoughts on how to get started day trading. Gregory explains why he’s not a big fan of day trading, and warns about the pitfalls.
Read MoreThe Ricks Report – November 13, 2017
The Ricks Report November 13, 2017 NUMBERS OF $IGNIFICANCE $ INCREASE EVERYONE – Individual income taxes paid by American taxpayers would have to increase by +42% in order to eliminate our $666 billion deficit from fiscal year 2017 (source: Treasury Department). $ COMPLETE CYCLE – The jobless rate in the United States was 5.0%…
Read MoreThe Ricks Report – October 16, 2017
The Ricks Report October 16, 2017 Numbers of $ignificance EXPANDING ECONOMY – The US economy has been growing for the last 99 months (i.e., no recession), an expansion exceeded in length only 2 times since 1900 (source: National Bureau of Economic Research). DECADES PASS WITH FEWER REFINERIES – The United States has 141 operable oil…
Read MoreAre You Over 70.5 Years Old and Still Working? Understand Your Options With RMDs: This Week’s Q&A
This week’s Slott Report Mailbag examines RMDs when you are still working past 70.5 years old and inheriting multiple IRAs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here. Question: I have read some of your…
Read MoreThe Ricks Report – October 9, 2017
The Ricks Report October 9, 2017 Numbers of $ignificance LARGEST IN THE WORLD– The US economy is $19.25 trillion in size as of 6/30/17. 10 years ago (2007), the economy was worth $14.48 trillion. 20 years ago (1997), it was worth $8.61 trillion. 30 years ago (1987), it was worth $4.87 trillion (source: Commerce Department).…
Read MoreA Tale of 3 Cousins and Their Inherited 401(k) Plans
This is the story of Al, Bob and Carl. Each cousin is the non-spouse beneficiary of his father’s 401(k) plan. Their fathers worked together at the local automotive factory for their entire lives and were all covered by the same plan. The default distribution option in the plan for non-spouse beneficiaries is a five-year payout.…
Read More7 Things Your IRA Custodian Won't Tell You
It is important to know what your IRA custodian will tell you and what they will not or cannot tell you. The I in IRA stands for individual and many times it is up to the individual to know things or keep track of them. 1. 60-Day Rollovers – An IRA custodian will not remind…
Read MorePut Investor Psychology to Work for Your Portfolio
“If you know the enemy and know yourself, you need not fear the result of a hundred battles.” Sun Tzu wrote those words in The Art of War, but they can be applied to other challenges in life, including investing and working to secure your retirement. There are plenty of good strategies you can use to…
Read MoreYou Must Play by the Rules with RMDs and QCDs: Q&A Mailbag
This week’s Slott Report Mailbag examines Roth IRA transfers, QCDs and RMDs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here. Question: Dear Ed Slott and Company, Thank you for helping me with my question. I’m in the…
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