Tag: Roth IRA

Tax Traps, Part 1

Talking taxes on a Friday is a lot easier than talking taxes on a Monday! Believe it or not, at this time of year it is smart to be talking taxes no matter what. Preparation and planning are the name of the game.*

The issue of higher FUTURE taxes is critical to clients of all income levels – especially those in higher tax brackets – and all ages. You will hear me repeatedly hammering home this “tax trap” issue – with the research and collaboration from my sources to back it up.

Here is some “good” news when it comes to taxes and tax strategies: the Roth IRA, Roth IRA conversion and Roth 401k are alive and well for now. The “good” part is that for nearly ALL reading this, you ARE eligible for both the Roth IRA conversion and the Roth 401k (if your company offers a Roth 401k) even if you are in the higher/highest income brackets or own a business! And these strategies can be employed NOW for 2020 and 2021.

The issue of higher FUTURE taxes is critical to clients of all income levels, especially those in higher tax brackets
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Continue reading “Tax Traps, Part 1”

2020 Contribution and Gift Limits

A handful of updates for 2020 IRA & 401k contribution and gift limits:

  • For Traditional IRAs and Roth IRAs the 2020 contribution maximum remains the SAME in 2020 as in 2019: $6,000 (plus $1,000 to total $7,000 for those age 50 and over).
  • REMEMBER!! IRA account contributions can be made all the way up until April 15th for the previous tax year.
  • That means that you have until April 15, 2020 to make an IRA contribution for 2019.

cash dollars hands money
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Continue reading “2020 Contribution and Gift Limits”

Time is Running Out

There are just twelve business days remaining in December. If you are realistic about the number of days remaining to transact actual business, it is more like eight days. Use these eight days wisely!

shallow focus of clear hourglass
Make the most of the last eight to twelve days of December.

Continue reading “Time is Running Out”

A Tax Strategy You May Not Know

Talking taxes on a Friday is a lot easier than talking taxes on a Monday (thank you for reading in Winter Haven, FL)! And believe it or not, at this time of year it is good to be talking taxes no matter what. Preparation and planning are the name of the game. *

Investing in your retirement
GETTY IMAGES

Here’s some “good” news when it comes to taxes and tax strategies: the Roth IRA, Roth IRA conversion and Roth 401k are alive and well. The “good” part is that for nearly ALL of you reading this, you ARE eligible for both the Roth IRA conversion and the Roth 401k (if your company offers a Roth 401k) even if you are in the higher/highest income brackets or own a business! And these strategies can be employed NOW for 2019. Continue reading “A Tax Strategy You May Not Know”