Archive for category: Financial Planning

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Retired Couple
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Minimizing Tax on Social Security Benefits

Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the…
Coins and Chart

Back-Door Roth IRAs

Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings and post-retirement distributions to be tax-free. In comparison, contributions to traditional…
Beach Swing

Tax Issues Related to Renting Your Vacation Home

Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, then you may have thought about the possibility of renting it out. Though many people would never consider…
Credit Score

5 Ways a Higher Credit Score Could Benefit You in 2021

Your credit score is one of those mysterious statistics that you hear people talk about, but don’t really pay much attention to until you actually need it. That’s when you find out that you’ve been creating a credit history for as long…
Home Ownership & Taxes

What Are the Tax Advantages of Home Ownership?

Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. As of November 2020, the nationwide average for a 30-year fixed-rate mortgage was just under…
Retired Couple

IRA Withdrawal Planning Can Save on Taxes

Advance planning can, in many cases, minimize or even avoid taxes on IRA distributions and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and other qualified retirement accounts,…
Retired Couple

Don’t Miss the Opportunity for a Spousal IRA

One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony…
Hand Drawing Money
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We’re Officially in a Recession, So Make These 5 Money Moves Now

It has been more than ten years since the United States’ economy has gone through a recession, and when the National Bureau of Economic Research announced in June that we have officially entered another, it hit many Americans like a body blow. The…
Hand Drawing Money
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Unique IRA Opportunities for 2020

As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal…
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