When it comes to investing for retirement, the author of today’s article argues that “While there has been an explosion in passive investing in recent years, investing specifically in your area of expertise can give you a leg up.” How? By using a self-directed account that allows you to make investments in alternative asset classes associated with that area of…
When it comes to withholding taxes in retirement, the author of today’s article advises that you want to withhold just the right amount: over-withhold and you miss out on earned interest; under-withhold and you risk getting hit with a penalty tax by the IRS. However, despite the importance of getting your withholding as close as possible to your actual tax…
December 31st is the deadline for those over age 70½ with tax-deferred retirement accounts to take their required minimum distributions (RMDs) and, after outlining the rules relating to RMDs (such as that hefty 50% penalty the IRS imposes on those who fail to take their distributions on time), today’s article provides some tips for taking RMDs. When – if ever…
While ’tis the season for spending, the author of today’s article notes that “this is also the time of year when a few simple moves could also save…some coin”, and he proceeds to outline three such moves to consider before January 1st. Move #1? Think about tax-loss harvesting (including how you can take advantage of the IRS’ “wash rule” to…
While many investors will not begin to think about taxes for several more months, today’s article argues that “anytime is a good time for tax planning” and that this time in particular – the fourth quarter of the year – is a particularly good time for this, stating that “planning before the end of the year increases the number of…
“They don’t have a clue.” This is what one certified financial planner and investment advisor declares in today’s article about people planning for taxes in retirement. In light of the fact that hefty tax bills in retirement can dramatically increase the odds of retirees – even those who saved prudently – running out of money, the author goes on to…
Something in the financial world is surging. Unfortunately that something is electronic tax scams. Today’s article highlights a recent IRS consumer alert stating that “email and texting scams designed to trick U.S. taxpayers into providing personal data have surged 400% so far this year….” In fact, “the 1,389 incidents reported to date represent more than half the…total for all of…
The IRS may not generally be viewed as a helping hand but today’s article points out that “the IRS offers a host of valuable tax breaks for sole proprietors and the self-employed that are intended to help their businesses succeed”, outlining 7 key tax breaks available to this group and what can and cannot be deducted. Want to know what…
Would you like to make your chances of being on the receiving end of an IRS audit as small as possible? We thought so! Today’s article outlines 7 suggestions that may help to reduce your risk of being audited (or, at least, have little to fear if you do get audited). To read more on why you might be wise…