The Basics and Benefits When it comes to retirement planning, the term “Roth conversion” often comes up, but its intricacies can be elusive. Simply put, a Roth conversion is a financial strategy where you move your retirement savings from a Traditional IRA or another qualified plan into a Roth IRA. This action changes your funds
If you’ve been paying attention to the world of retirement planning, you’re likely aware of the changes to stretch IRAs due to the SECURE Act. While these alterations may seem complex, there are still ways to maximize your tax benefits. Here’s an easy-to-understand guide to help you adapt and make the most of your retirement
Retirement planning can often seem like a complex puzzle, but there’s a strategy that could significantly enhance your retirement income. It’s known as the ‘Last 60-Month Rule’, a part of the Government Pension Offset (GPO) provision. The GPO can reduce Social Security benefits for individuals who receive a pension from a federal, state, or local
Only one-third of adults have an estate strategy document, such as a will, in place – which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.1 But a will is an instrument of power. Creating one
Charitable contributions provide not only an opportunity to make a positive impact but also a chance to save on taxes. However, it’s essential to navigate the rules carefully to avoid potential audits from the IRS. In this article, we will explore four strategies to maximize tax benefits while minimizing the risk of audits. By understanding
In my role as a Wealth Management Professional, it is crucial to address investor concerns about interest rate fluctuations and their impact on investment choices. One common question that arises is whether an increase in interest rates for bond investments should prompt a shift from equities to fixed income. In this blog, we will explore
As a financial advisor, one of the most common questions I receive from clients is, “Will my Social Security benefits be taxed?” Understanding how Social Security benefits are taxed can be crucial for effective retirement planning. In this blog post, we will explore the basics of Social Security taxation, how to determine if your benefits
As a financial advisor, I often come across clients who are exploring the best business structure to meet their financial and tax needs. One popular option is the S-corporation, a unique type of corporation that provides substantial tax benefits compared to being self-employed. This blog post aims to explain the key aspects of S-corporation taxation
Qualified Charitable Distributions (QCDs) offer an effective and tax-efficient way to give back to the community while reaping financial benefits. These distributions allow individuals aged 70½ or older to donate directly from their Individual Retirement Accounts (IRAs) to qualified charities, bypassing taxable income and potentially lowering their overall tax liability. What are Qualified Charitable Distributions?
It’s natural to wonder exactly how a bank safeguards your money. Fortunately, the Federal Deposit Insurance Corporation (FDIC) insurance exists for this very reason: to help protect your funds once deposited. Read on to explore the purpose of FDIC insurance, how it works, and what it covers. What Is FDIC Insurance? The FDIC is an
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