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.
When it comes to managing your finances, choosing the right advisor is crucial. But did you know that not all financial advisors are the same? One key distinction lies in whether they're a fiduciary or non-fiduciary advisor. Let's break down what this means for you and your money.
Not to be confused with Stephen Hawking’s seminal work “A Brief History of Time”, here you will find a short primer on the beloved workplace retirement savings plan, the 401(k). If you were born after 1980, you would think that these employer plans have been around forever, but in reality, the plan is a relatively new workplace perk.
When November 5, 2024 rolls around we will have had a long summer and fall of unrelenting political ads, uncomfortable discussions amongst family and co-workers, doomsaying, policy demagoguing and all-around exhaustion over the whole presidential election. Here’s hoping that once the 5th turns to the 6th, we’ll actually have a clear-cut winner and can avoid any further media hysteria. However, the question still remains, whether your preferred candidate wins or loses, what will happen in the markets and how will it affect your personal financial situation and portfolio.