The Tax Planning World Has Changed
The tax planning world has changed. Have I and my fellow advisors caught up? Below I discuss three changes in the past three years. These recent changes make a big impact on retiree taxation. Most...
View ArticleCalculating the Senior Deduction
The tax laws have changed. Starting in 2025, those aged 65 at year-end can generally claim an additional deduction (referred to as the senior deduction or the Enhanced Deduction for Seniors) of up to...
View ArticleOne Big Beautiful Bill Passes
On July 4th, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill. The Bill will drive a significant amount of my content creation this summer. On...
View Article2024 Year-End Tax Planning
It’s that time of year again. The air is cool and the Election is in the rear-view mirror. That can only mean one thing when it comes to personal finance: time to start thinking about year-end tax...
View ArticleThoughts on Trump and Taxes
It happened. The frontrunner for the Presidency said “Sure, . . . why not?” when asked if he would eliminate the income tax on the Joe Rogan podcast. Whoa!!! Okay, let’s calm down. Let’s not plan on...
View ArticleThe Church IRA
“Repay to Caesar what belongs to Caesar and to God what belongs to God.” – Matthew 22:21 What happens with our IRAs and other retirement accounts when we die? Early in our financial journeys, it is...
View Article2023 Year-End Tax Planning
It’s that time of year again. The air is crisp and my favorite football team is surging. That can only mean one thing when it comes to personal finance: time to start thinking about year-end tax...
View ArticleTime to Stop 401(k) Contributions?
Ed Slott believes most Americans should not contribute to traditional 401(k)s. His recent essay on the subject is a great opportunity for the FI community to reassess its love for the traditional...
View Article2022 Year-End Tax Planning
Below are the main tax planning items for the year 2022 as I see them. Of course, this is educational information for the reader, and not tax advice directed toward any particular individual. The...
View ArticleThe Special Tax Loss Harvesting Opportunity for 2022
There is a tax loss harvesting opportunity in 2022 that has not existed in recent years to the scope and scale it exists today: tax loss harvesting with bonds and bond funds. In most recent years, many...
View ArticleThree Ways the Solo 401(k) Supports Financial Independence
Financial independence encourages thinking about one’s financial future in a different way. You were told to “build a career and retire at age 65.” Financial independence says you should write your own...
View ArticleBaby HSA
Are you married? Age 55 or older? You might have an opportunity to open up a small health savings account and get a $1,000 annual tax deduction! HSA Contribution Limits Health Savings Accounts (“HSAs”)...
View ArticleThe Tax Increase in SECURE 2.0
There’s a tax increase in the new SECURE Act 2.0 legislation. Unfortunately, it falls largely on those least equipped to shoulder it. Catch-Up Contributions Since enacted in 2001, “catch-up”...
View ArticleWhat are Section 199A Dividends?
Did you receive a Form 1099-DIV which lists an amount in Box 5 “Section 199A dividends”? If so, you might be asking, what the heck are Section 199A dividends? You probably never came across the term...
View ArticleRoth 401(k) vs Roth IRA
Many taxpayers ask the question: should I contribute to a Roth 401(k) or contribute to a Roth IRA? While there is no universal answer to this question, for many in the financial independence (FI/FIRE)...
View Article2021 YEAR-END TAX PLANNING
It’s time to think about year-end tax planning. Year-end is a great time to get tax planning ducks in a row and take advantage of opportunities. This is particularly true for those in the financial...
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