Archive | Taxes

Tax-deferred vs Tax-free Investment Accounts

Tax-deferred vs Tax-free Investment Accounts

Tax-deferred vs Tax-free is a concept that is key to making good financial planning decisions. Most retirement accounts fall into these two categories. It’s critical to know which ones are which. It is also worth noting, this concept applies to more than just retirement accounts. Choosing which investment account to use for health and education […]

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Roth IRAs: 5 Things Retirement Savers Must Know

Roth IRA: 5 Things Retirement Savers Must Know

A Roth IRA is an important part of a retirement plan portfolio and deserve a close look from those wanting to make the most of their financial planning. This powerful retirement planning tool was first introduced as part of the Taxpayer Relief Act of 1997 by then Senator William Roth, Jr. from Delaware. Prior to its introduction most retirement accounts […]

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Avoiding The IRA Early Withdrawal Penalty

Avoiding The IRA Early Withdrawal Penalty

Avoiding the IRA early withdrawal penalty is not always always top of mind for IRA owners. These accounts have special advantages when compared to traditional investment accounts. With an IRA, the account owner incurs no annual tax liability resulting from interest, dividends, and capital gains. As long as there are no withdrawals (distributions) from the IRA, […]

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Required Minimum Distributions: The IRS Loves It When You Turn 70

Required Minimum Distributions: The IRS Loves It When You Turn 70

The IRS loves it when you turn 70, but you won’t get a gift or even a card. The Infernal, I mean Internal Revenue Service can’t wait to get their hands on your hard earned dollars. Happy birthday and get ready to pay more taxes thanks to three little letters, RMD. Required Minimum Distributions or […]

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Required Minimum Distributions: The IRS Loves It When You Turn 70

Tax Planning: Do It Now Or Miss Out

Most of us don’t even think about our taxes until after the New Year. After all, most personal tax filings aren’t due until April 15th. If you’re really going to bring your A game when it comes to tax planning, you need to start now. Denise Alexander, CPA and President of TaxWise, Inc. in El […]

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