We’ve been waiting to see what our congressmen and women are going to decide for our 2018 tax law. As we’ve already entered the holiday season and can see the new year in sight, they are certainly cutting it close. … Read More
We will have to wait and see what tax law we have after Congress reconciles the bills and the final version is signed into law by the President.
We’ve been waiting to see what our congressmen and women are going to decide for our 2018 tax law. As we’ve already entered the holiday season and can see the new year in sight, they are certainly cutting it close. … Read More
With this proposed expansion, 529 accounts may become the most cost-efficient way to fund all education expenses.
It is an inconvenience during the holiday season to say the least, but Roth conversions are worth the effort.
Don’t let someone else live the life you’re saving for, but also don’t rely on Investor.Gov to protect your money.
At our firm, tax planning is our priority. We hope to maximize after-tax net worth over your lifetime, even if it is at the expense of this one year.
Coverage is considered unaffordable if the lowest cost Bronze-level plan available to you through the Marketplace in 2017 is more than 8.16% of your household income.
I recently watched a video by VOX called, “How tax breaks help the rich.” In the video, they discuss wealth inequality and claim that one of the biggest drivers of inequality is the tax code.
However, in 2018, the health insurance rates are extraordinarily high, especially in Charlottesville. Taking one year off from your valuable tax planning strategies to get free or low-cost health insurance might be worth it.
It’s hard to know… but I bet I’m not the only one looking at my compensation differently.
Some think the alternative to the traditional insurance providers is the health care sharing ministries, but they aren’t insurance.
Each spouse has different spending habits and values different things in life. This can easily lead to bitterness, or at the least, long discussions when the budget is reconciled.
In “The state and local tax deduction, explained” by Dylan Matthews at VOX, he does not mention the reason the state and local tax deduction was created when listing the pros and cons.
If you budget well according to your values, a one-pocket theory of money enriches your life, prioritizing your financial dreams above your impulses.
To avoid the 10% penalty, do I have to satisfy the 5-year holding period for my Roth conversions if I’m over age 59 1/2? The IRS is not very clear when it comes to when you need to pay penalties on Roth IRA withdrawals, but I think I know the answer.
We don’t write a lot about how to spend money, but an international study published this year claims to have found the route from wealth to well-being through spending money.
As a dedicated reader of our blog, we would love to get to meet you this Monday, October 9, 2017.
We are excited to debut our new website today!
Although you can have second generation beneficiaries, the first non-spouse designated beneficiary is the last one to receive a new RMD divisor calculation.
Financial planning is simply doing what it takes to give you the means to do what you want. The poorer you are the more you need financial planning. You don’t have any margin for mistakes.
While most investment advisors do one total conversion or partial conversion here or there, we have a dedicated Roth segregation strategy, which adds real value to our clients accounts.
Here are 8 reasons you’d want to lower your AGI and 8 methods to lower your AGI.
Like how diner coffee gets more bitter as the waitress tops off your cup with more coffee from the pot, so too the growth on your nondeductible assets increases your tax owed by decreasing the percent post-tax assets in your cup.
Yikes! This is a costly mistake.
Trusts are like Calvinball except that the government is trying to play referee. It is quickly confusing.
Unfortunately the age restriction makes the charitably-inclined young, who are more likely to be in the 0% capital gains bracket, unable to make QCDs.
I have learned there are so many more wise plans than just “top of the bracket” conversions.
A few years ago, there was a great rise of so-called robo-advisers, computer programming that enabled setting a simple asset allocation on the security level and then automatic rebalancing to those targets for each security.
The 27 lines, because they are so simplified, end up being difficult to follow what exactly they do. So, for those of you who are curious, here’s what they do.
Sadly, we have to say no. Even though we won’t be your executor, we are still here to help your executor, trustee, and loved ones through the estate maintenance and settlement process.
Many executors, trustees, or even estate plans make careless mistakes which end up in Roth IRAs being distributed too quickly. Here’s a list of ways to prevent your estate plan from ruining your Roth.
There are different tables and formulas used to calculate your RMD divisor based on your particular circumstances. Here is a calculator for the three most common.
Inherited RMD rules demonstrates the power and importance of beneficiary designations and why it is so important to set them.
When a spouse inherits retirement account assets, they have the right to do what is called a “Spousal Rollover” or “Spousal Transfer.” It is almost always the right option.
If you are a mixed-decade couple, take advantage of the Joint divisor by making your spouse your primary and sole beneficiary for your IRA and use the Joint Life and Last Survivor Expectancy Table to find your RMD.
A gone fishing portfolio is a portfolio of just a few stocks which should weather the ups and downs of the market fairly well while only rebalancing twice a year. Here are three hand-crafted gone-fishing portfolios for 2017.
The key to getting the waiver though is showing that “you are taking reasonable steps to remedy the shortfall.”
Although legally fine, this strategy often causes you to accidentally increase your spending every year and decrease your savings. Don’t let the IRS rules about IRA withdrawals tempt you into spending money you had planned to save.
Some people don’t stop at distributing just the required minimum. They think, “Well, while I’m at it, I may as well pull out a little bit more so we can fully cover the kitchen remodel…”
The legal answer to this question is: there is no limit. The practical answer is: it depends on a number of things.
Under the “last-month rule,” you can contribute the full amount even after a partial year assuming you meet the “testing period.”
There are at least five reasons to hold cash. Without a good reason to hold cash, you may be holding too much.
A Roth recharacterization is a true undo; it is as though you never converted those assets in the eyes of the IRS. This includes recalculating your RMD had you not converted the assets.
A simple summary of how to meet your Required Minimum Distribution in the same year as you perform a Roth Conversion is the axiom: RMD dollars must come out first.
Purchasing investment products in isolation from the larger context of your specific situation is like pushing random buttons on a vending machine in order to provide a Thanksgiving dinner for your family.
There is an obscure tax rule that allows a one-time Traditional IRA-to-HSA conversion called a Qualified HSA Funding Distribution (QHFD).
REITs are one way to get some of the benefit of investing in real estate without as much of the risk.
Facebook added the “Legacy Contact” feature that allows you to designate a Facebook Friend of yours who you would like to gain access to your Facebook page after you have passed away.
SEP plans offer a powerful way to provide for your own retirement in the same way that 401ks do.