You’ve probably heard of a Roth IRA — it’s a retirement account that you can contribute to with after-tax dollars. Though there is no up-front tax break, dividends, interest, and capital gains are tax-free as your account grows. When you make a qualifying withdrawal after you retire (or at age 59 ½), you don’t have […]
Category Archives: Taxes
19
Jul
Jul
Many people often wonder if it is worth it to pay a financial advisor to manage their wealth. I hear this question often, and it’s an excellent question with an answer that depends on your personal situation and many factors. At One Life Financial Group, we work primarily with small business owners, physicians, dentists, and […]
16
Dec
Dec
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 six last-minute strategies that could reduce your 2020 tax bill; these are ideas that could reduce your tax bill or increase your tax return. DISCLAIMER – Before you read […]
08
Dec
Dec
Are the days of itemizing over? Not quite, but now that H.R. 1 (popularly called the Tax Cuts & Jobs Act) is the law, all kinds of itemized federal tax deductions have vanished. Early drafts of H.R. 1 left only two itemized deductions in the Internal Revenue Code – one for home loan interest, the other […]