Will you need to do any last-minute shopping this holiday season? I do! If you need last-minute tax strategies, we have those for you. Below are five last-minute strategies that could reduce your 2022 tax bill; these are ideas that could reduce your tax bill or increase your tax return. DISCLAIMER – Before you read […]
Author Archives: Brian Lahr
Taxes
Four Different Ways to Do a Roth Conversion (Plus How to Contribute to a Roth IRA if You Are a High-Income Earner)
08
Nov
Nov
A Roth IRA conversion typically involves transferring retirement funds from a traditional-type IRA, a 401(k) or 403(b), into a Roth account. This strategy can make sense and potentially save you money in taxes if you believe you will be in a higher tax bracket in the future. As the account holder, you pay taxes on […]
Taxes
Could Required Minimum Distributions (RMDs) Push You Into the Next Tax Bracket (And Is There Anything You Can Do About It)?
04
Nov
Nov
Differences in Required Minimum Distributions In my last post, I introduced you to the required minimum distribution (RMD) requirements Uncle Sam places on your tax-deferred retirement accounts (i.e. 401(k), 403(b), Traditional IRA, etc.). Basically, at age 72 1/2, Uncle Sam says, “pay me.” He wants to get paid and starts forcing you to take money […]
28
Sep
Sep
Are you wondering if you should put more money into a Roth IRA, a Roth 401(k), a Roth 403(b), or a traditional 401(k) / 403(b)? Do you worry about tax rates increasing in the future? Do you wish you could access more of your retirement money tax-free and penalty-free? If you answered yes to any […]
17
Sep
Sep
I run into many people who wonder how much cash they should have in the bank. It’s not uncommon to work with good savers and high-net-worth clients who discover they have about 2-3X more than they need in the bank! Many people don’t realize that holding too much cash in the bank (i.e., checking, savings, […]
02
Jun
Jun
Since the beginning of 2022, the markets have been experiencing volatility over concerns about rising inflation and interest rates. The S&P 500 appears close to a bear market, and the Dow Jones Industrial Average recently hit a 52-week low. Looking at retirement or investment statements in a down market can feel frustrating for many people. […]
29
Apr
Apr
Despite the importance of estate planning, it’s easy to procrastinate or delay getting one put in place. But not having an estate plan can cause you to lose control of what happens to your assets, lead to paying unnecessary taxes, and can lead to significant family disputes or disagreements that end up in court. An […]
02
Mar
Mar
Our hearts and prayers go out to the courageous people of Ukraine as we watch the brazen attack by Russia unfold. It’s difficult to watch. Along with the general horror that war brings and the impact of lives lost, there is a general worry about economic consequences and effects of this invasion on the rest […]
28
Jan
Jan
Monday was a wild day in the stock market, and both rate hikes and inflation are hot topics in the news. “Should I be worried?” is a question on the mind of many investors this week. While market volatility and media headlines may tempt investors to make irrational and costly moves in their portfolio, I’d […]
Financial Planning, Retirement, Taxes
Make Too Much to Fund a Roth IRA? These Three Strategies Could Help You!
11
Nov
Nov
Taxes drive a lot of our personal finance and many everyday decisions. Strategies to minimize taxes, both now and in retirement, drive many investing decisions as well. One potential way to minimize taxes in retirement is by investing in a Roth IRA. With a Roth IRA, the account is funded with after-tax dollars by making […]