How to Minimize Taxes on Social Security
Many retirees are surprised to find that up to 85% of their Social Security benefits could be taxable. But with the right planning, it's possible to reduce or even eliminate those taxes.
Non-Taxable Income in Retirement: 5 Sources You Should Know About
When it comes to retirement income, not all dollars are created equal. Some income sources are fully taxable, others partially — but a select few can be completely tax-free. And understanding the difference could mean thousands of dollars in savings each year.
Why Do Wealthy Families Set Up Foundations and How Do They Work?
When a business owner sells their business and is looking for a large tax deduction and has charitable intent, a common solution is setting up a private foundation to capture a large tax deduction. In this video, we will cover how foundations work, what is the minimum funding amount, the tax benefits, how the foundation is funded, and more…….
529 to Roth IRA Transfers: A New Backdoor Roth Contribution Strategy Is Born
With the passing of the Secure Act 2.0, starting in 2024, owners of 529 accounts will now have the ability to transfer up to $35,000 from their 529 college savings account directly to a Roth IRA for the beneficiary of the account. While on the surface, this would just seem like a fantastic new option for parents that have money leftover in 529 accounts for their children, it is potentially much more than that. In creating this new rule, the IRS may have inadvertently opened up a new way for high-income earners to move up to $35,000 into a Roth IRA, creating a new “backdoor Roth IRA contribution” strategy for high-income earners and their family members.
Self-Employment Income In Retirement? Use a Solo(k) Plan To Build Wealth
It’s becoming more common for retirees to take on small self-employment gigs in retirement to generate some additional income and to stay mentally active and engaged. But, it should not be overlooked that this is a tremendous wealth-building opportunity if you know the right strategies. There are many, but in this article, we will focus on the “Solo(k) strategy
Kiddie Tax & Other Pitfalls When Gifting Assets To Your Kids
Before you gift assets to your children make sure you fully understand the Kiddie Tax rule and other pitfalls associated with making gift to your children……….
How To Use Your Retirement Accounts To Start A Business
One of the most challenging aspects of starting a new business is finding the capital that is needed to support your expenses as you begin to build up a revenue stream since it’s not always easy to ask friends and family for money to invest in a startup business. Luckily, for new entrepreneurs, there are some little-known ways on how you can use
New York May Deviate From The New 529 Rules
When the new tax rules were implemented on January 1, 2018, a popular college savings vehicle that goes by the name of a “529 plan” received a boost. Prior to the new tax rules, 529 plans could only be used to pay for college. The new tax rules allow account owners to withdraw up to $10,000 per year per child for K – 12 public school, private school,
