Preparing a strategy that is both advantageous and tax-efficient might feel daunting at first. Thankfully, there are some things you can do now to keep from overpaying next tax season.
Divorce is not only taxing emotionally and physically, but it can take a toll on both parties financially as well. You and your spouse will need to make decisions that not only affect you right now but also in the future. When it comes to the financial impact, here are some of the biggest challenges you may experience during a divorce.
Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2008.1
Since the start of the COVID-19 pandemic, six major stimulus bills totaling around $5.3 trillion have passed. With these efforts to alleviate pandemic-fueled financial strife, are inflation levels being impacted?
Fed Chair Jerome Powell has said that inflation is likely to pick up as the economy recovers from the pandemic, but he believes it will be temporary. Powell has also stated that the central bank plans to keep short-term rates anchored near zero through 2023.2
As you consider any potential changes to inflation we may be seeing this year, here’s a reminder about what inflation is and how it can affect you and your investments.
2021 is a great year to consider Roth conversions and other strategic moves from a tax planning perspective. Here are my thoughts as quoted in the Wall Street Journal (April 30, 2021):
As we continue navigating the pandemic, there are a few financially savvy ways to spend your tax refund – both to help yourself out and stimulate economic recovery. Read on to discover a few ideas, you may even consider combining several together to make a greater effect.
I wanted to reach out to give you a heads up about the most recent stimulus. In it, there’s a small business tax credit, called the Employee Retention Tax Credit, or ERTC, that you will probably find important. If you qualified for PPP before, you’ll definitely want to know about this.
We have a new administration in Washington, and the Democrats control the House and the Senate. So, what’s next for taxes? In this video, I’m going to talk about could happen, and what you can do to potentially maximize your tax savings before the rules change.
One year into the pandemic, Americans are continuing to strike a balance between staying safe and handling their day-to-day responsibilities. One major challenge we all face this time of year (pandemic or no pandemic) is filing our taxes on time. On March 17, less than one month until Tax Day, the IRS announced an extension for the 2021 tax filing season. Here’s what you need to know about filing your 2020 taxes.
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.
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.