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With Tax Law Changes Coming, A Mega “Backdoor” Roth IRA Contribution Could Come in Handy. Here’s How it Works.

February 12, 2021/in Financial Planning, Investments, IRA, Tax Management /by admin

Reaching retirement is exciting, but having enough to maximize your quality of life during retirement is key. You’ve likely heard of a backdoor Roth IRA, but for some looking to maximize their withdrawals in retirement, a mega backdoor Roth IRA may be the way to go.

What is a mega backdoor Roth IRA? Below we’re breaking down what you need to know about this retirement savings strategy.

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https://woodsonwm.com/wp-content/uploads/2021/02/feature_megabackdoorrothira.jpg 1000 1400 admin https://woodsonwm.com/wp-content/uploads/2020/07/logow.png admin2021-02-12 19:30:132021-02-12 19:30:13With Tax Law Changes Coming, A Mega "Backdoor" Roth IRA Contribution Could Come in Handy. Here's How it Works.

Before Completing Your 2020 Tax Return, Keep These 5 Filing Tips in Mind

February 12, 2021/in Tax Management, Taxes /by admin

Filing taxes always feels a bit tedious, and this year brings particular uncertainty with changes brought on by the pandemic. Stay the course for filing your 2020 tax return while keeping these five tips in mind.

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Filing Soon? COVID-19 Will Likely Impact Your 2020 Tax Return. Here’s How

February 8, 2021/in Tax Management, Taxes /by admin

The CARES Act, a direct response to the economic turmoil caused by COVID-19, sought to provide economic support to millions of Americans. This support extended to the way taxes are filed and processed for 2020, creating additional benefits depending on your circumstances. Read on to learn five ways the events that took place in 2020 could affect your taxes.

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What’s My 2021 Tax Bracket?

February 8, 2021/in Tax Management, Taxes /by admin

 

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Inauguration Day Is Coming: What Financial Challenges Could High Earners Face During the Biden Administration?

January 4, 2021/in Economy, Election, Financial Planning, Tax Management, Taxes /by admin

With one of the most contentious elections in history behind us, President-elect Joseph R. Biden, Jr. is set to take office on January 20. In anticipation of a new administration, high earners especially are left wondering – how will the Biden presidency affect me financially? Until Biden takes office and begins enacting changes, we won’t know for sure what to expect. But based on his official campaign platform, past interviews and projections, we can better prepare ourselves for the potential changes to come.

Now that Inauguration Day is on the horizon, what challenges could this bring to high earners during a Biden administration?

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Most CARES Act Benefits Are Ending on Dec. 31st. Are You Prepared?

November 30, 2020/in Economy, Financial Planning, Tax Management, Taxes /by admin

The CARES Act was passed on March 27, 2020 amidst the onset of COVID-19 in America. The package included over $2 trillion in economic relief for businesses, workers, families and governments.1

Now, the year is almost over – and some benefits included in the CARES Act are expiring. Many Americans have relied on these benefits to make ends meet throughout the course of the pandemic, and there’s widespread uncertainty about benefits coming in the future.

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Biden Has Won the Presidential Election: Here are the Tax Changes You Should Prepare For

November 9, 2020/in Economy, Election, Financial Planning, Healthcare Costs, Tax Management, Taxes /by admin
https://woodsonwm.com/wp-content/uploads/2020/11/Biden-Election.png 1115 1562 admin https://woodsonwm.com/wp-content/uploads/2020/07/logow.png admin2020-11-09 18:35:262020-11-09 19:25:17Biden Has Won the Presidential Election: Here are the Tax Changes You Should Prepare For

First-Ever Wealth Tax Proposed in California: What California Residents Need to Know

October 10, 2020/in Economy, Taxes /by admin

As a Californian, you’re no stranger to high taxes. In fact, California comes in at number one for the country’s highest income tax – 13.3 percent.1 And if you’re a high earner, you could be subject to an even bigger tax hit soon with the country’s first proposed wealth tax.

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Recent Posts

  • With Tax Law Changes Coming, A Mega “Backdoor” Roth IRA Contribution Could Come in Handy. Here’s How it Works.
  • [PRESS RELEASE] Jamie Lima partners with the Association of Financial Educators
  • Before Completing Your 2020 Tax Return, Keep These 5 Filing Tips in Mind
  • Filing Soon? COVID-19 Will Likely Impact Your 2020 Tax Return. Here’s How
  • What’s My 2021 Tax Bracket?

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