Both major party presidential candidates have discussed changes to some of the benefits American taxpayers receive from the Federal government. Two key concepts related to these campaign promises are tax credits and tax deductions. While both can help you save money on your taxes, they work in fundamentally different ways. In this post, we’ll break down the distinctions between these two important tax benefits.
If you’re a high-income earner looking to maximize your retirement savings, you may have heard of the mega backdoor Roth strategy. This powerful 401(k) funding technique allows you to contribute significantly more to a Roth account than the standard limits would typically allow. In this post, we’ll break down what a mega backdoor Roth is, how it works, and the benefits it offers.
In a move that's stirring up debate in both economic and political circles, Vice President Kamala Harris has put forward a provocative tax proposal aimed at the wealthiest Americans. The plan? To tax unrealized capital gains. Let's dive into what this means and why it's causing such a stir.
There has been a lot of scuttlebutt as of late regarding the current administration’s 2025 federal budget proposals, including some major changes to how Americans are taxed on their investments. There are a few major components of these tax changes. Here are the facts, and what investors should pay attention to as we move toward 2025.
There is a huge, common misconception we hear often from clients with Roth IRA accounts. Most clients understand Roth IRA’s to be retirement vehicles that cannot be accessed prior to age 59.5 without penalty. THIS IS NOT TRUE!! Let’s take a deep dive into Roth IRA accounts to better understand how liquid they can be prior to retirement.
Here are some of the top ways objective investors are managing their money with signs of a recession looming.