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 […]

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 […]

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 […]

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 / […]

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, […]