What is a Taxable Event?
Put plainly: a taxable event is a transaction that causes someone to owe money to the government in the form of taxes.[1] Seems simple enough, right? When it comes to retirement and savings, there are a few [...]
Put plainly: a taxable event is a transaction that causes someone to owe money to the government in the form of taxes.[1] Seems simple enough, right? When it comes to retirement and savings, there are a few [...]
What Is a 1031 Exchange? If you want to add investment real estate to your portfolio, you may want to know what a 1031 Exchange is. While the rules and regulations for this tactic can get complicated, [...]
Year-End Financial Review It’s the end of November, and I hope you had a great Thanksgiving! Now the time is ripe for your Year-End Financial Review. Many people look at their [...]
The 2021 Estate Tax Exemption Every year the federal government decides how much of your estate isn't subject to taxes when you die. This year, thanks to inflation, the 2021 estate [...]
The Social Security Tax Trap Retirees face multiple income traps. Many will see a portion of their Social Security income make its way onto the taxable income line of their 1040s. [...]
2021 Estate Tax Exemption Every year the federal government decides how much of your estate isn't subject to taxes when you die. This year, thanks to inflation, the 2021 estate tax [...]
On this episode of the How Money Works Podcast, we talk about some of the areas of your financial life where you might be flirting with disaster and how you can fix it.
Two specific topics we want to get Addison Maille's insight on are business succession planning and real estate investing tax challenges. We’ll discuss those things plus learn more about the tax planning process and what people can be doing over the second half of the year.
Be careful before diving headfirst into a Roth conversion. Evaluate your income for the year and determine how much wiggle room you have before potentially pushing into the next tax bracket. Remember that Roth conversions can impact financial aid, IRMAA surcharges and other items based on income.
The recently-enacted “Coronavirus Aid, Relief, and Economic Security Act,” or CARES Act, includes special tax relief for IRA and company plan withdrawals made in 2020 and for company plan loans. Here is an overview of the CARES Act relief.