When is the worst time to do tax planning? My answer is any time after January 1st! Why? Because many opportunities expired at the end of the year (December 31st). In this post we’ll touch on 5 tax minimization strategies you might want to consider before year-end. Many of these strategies could help reduce your […]
Category Archives: Taxes
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 […]
We’re in a fun money marathon series using some running stories and analogies to teach and explore how investors could get more potential mileage from their hard-earned money. We’re walking through seven risks of running your wealth marathon without any support. If you would like to watch the video version of this post, please click […]
At One Life Financial Group, we are in a heavy tax season, having many conversations with clients and their accountants about strategies to minimize their tax bills for 2023 and 2024. We’re encouraging clients to talk to their accountants about maximizing potential tax credits. So, in today’s post, we are exploring three things. First, what […]
Spring is almost here, which also means tax season! Here are eight things to know before you file those taxes. #1: Income tax brackets shifted a bit The first is that income tax brackets shifted a bit, which means more money is being taxed in the lower tax brackets, which means some potential tax savings […]
As a child, I was given the opportunity to work on a friend’s family farm and learn a couple of important lessons about money. On my first day on the job, my childhood best friend (Peter) and I were hired at his family farm in Stanchfield, MN, to bale hay for a whopping $4.25 / […]
2022 was a year of inflation, stock market volatility, and rising interest rates. Rising costs have prompted IRS updates, which could affect investors’ retirement savings and taxes. Recent legislation may present further options for you in the new year. Here are five key tax changes you should know about for 2023. #1: Higher contribution limits […]
Roth conversions are strategies investors can use to help minimize their future tax bill and give them more potential control over their tax bracket. Click here to learn more about Roth conversions. Lower-income years tied to a job loss, income reduction, significant income tax deductions, high levels of depreciation, business losses, or charitable giving could […]
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 […]
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 […]
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