Articles - Taxes

Backdoor Roth IRA Contributions: An Awesome Opportunity for High-Earners

The Roth IRA is one of my top three favorite types of accounts for retirement savings due to the many long-term tax benefits Roth IRAs provide. Unfortunately, contributing directly to a Roth IRA isn’t available to everyone. If you either don’t have enough earned income or your income, in general, is too high, you will not be able to contribute directly to a Roth IRA. For those of you high-income earners who make too much, there is a nice little planning workaround to consider.

Restricted Stock Unit (RSU) Taxation: Stay On Top of Your Tax Withholding

Every year, I get new clients who are surprised they still owe a significant amount in taxes on April 15, especially when they’ve set their tax withholding allowances to 0. Those same clients thought they would have enough taxes withheld by making that election alone. Unfortunately, because of their compensation structure, that’s not the case.

The 2018 Tax Reform & How It Impacts You

As many of you know, there have been a lot of changes to the tax code under the Tax Cuts & Jobs Act that will affect everyone to some extent. Most of these changes are taking effect this tax year (2018) and will last until 2025, at least, so I thought it would be helpful to highlight a number of the changes here just in case you wanted to get started on your tax planning early this year (and you should)!

Save on Taxes with this Year-end Checklist

As the holiday season approaches and you start to think about your New Year’s resolutions, it’s important to keep in mind that there are still some tactical things you can do before the end of the year to help save costs, maximize benefits, and more importantly, reduce your tax bill come April. While everyone’s situation is different and not all items will apply to you, I wanted to make a checklist of things you should think about doing before December 31.

Traditional vs. Roth 401k: Which is Best for You?

Roth 401(k) and 403(b) accounts first hit the retirement plan market in 2006, but have only recently been more widely adopted by employers as an offering to their employees. While potentially another great option for you to save more for retirement, choosing between a Traditional and a Roth 401(k) adds yet another decision for you to make in your financial life. So together, let’s decide which is right for you.

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