Another way to fund a Roth

Mega back-door Roth IRA

Last week we discussed how to complete a back-door Roth IRA contribution. For many, this strategy is a slow and boring way to do it. Fortunately, there is another option, which can lead to larger Roth contributions when you earn too much. The ability to use this strategy is relatively new. In September 2014, the IRS released Notice 2014-54 to grant . . . 

Best Charitable Contribution Strategy Under Tax Cuts and Jobs Act


Now that we understand in tax planning it is all about timing, let’s look at a strategy to maximize your charitable contribution deduction. Under the Tax Cuts and Jobs Act, itemized deductions changed significantly.  In fact, many taxpayers will no longer itemize deductions. This does not automatically make this a bad change for you. It only . . . 

How to pay less tax

Tax strategy

Most people I know do not like paying taxes. Some do not like paying their fair share while most people are fine paying their fair share of taxes. To those who are not interested in paying their fair share… be careful because that can lead to tax evasion. Tax avoidance is cool. Tax evasion is . . . 

Choosing between a Roth IRA or Traditional IRA

Roth IRA or Traditional IRA

The past two weeks we looked at why a Roth Account is the best and why a Tax-Deferred Account is the best. While the last two articles hit on both 401(k) and IRAs, this week we are focusing on choosing between a Roth IRA or a Traditional IRA. The decision matrix behind these two choices . . . 

When to contribute to tax deferred accounts

Traditional IRA

Last week we discussed when to contribute to a Roth account. This week we will look at the counter part… tax deferred accounts. These are known as Traditional IRA, 401(k), 403(b), SIMPLE IRA, and SEP to name a few popular versions. As you can see, there are many more tax-deferred account options than Roth options. . . . 

Why you should contribute to a Roth account

Roth IRA Contribution

When it comes to saving the question of “where should I save my money” is a popular and important question. Typically the showdown of best account is between the Roth and Pre-Tax (traditional) accounts. While each account has its merits and if you still aren’t sure after reading this plus don’t want to seek professional . . . 

How to Maximize your Charitable Giving

Charitable giving strategy

Donating to charity is a fulfilling experience. The way you donate may allow you to keep more of what you’ve earned, so you can help out your favorite charity or charities even more. Normally donations are done through cash, check, or credit card. Outside of the norm are two main strategies that have additional tax . . . 

IRA and 401k Hardship Withdrawal Rules

401k hardship withdrawal

The most important account in your financial plan is your emergency fund. Yet, your emergency fund isn’t always enough to protect you in an unexpected time of need. In those situations you may need to resort to alternative sources. One common source to access is an IRA or 401(k). Especially for you because of your mastered . . .