Category Archives: Income Tax Planning

7 Reasons to Start a Staged Roth IRA Conversion Plan Today

7 Reasons to Start a Staged Roth IRA Conversion Plan Today

One underutilized strategy for optimizing the longevity of assets when planning for retirement is a staged, or multi-year, Roth IRA conversion plan. There are seven reasons to start this type of plan today.

Roth Solo 401(k) Makes More Sense Than Ever

Roth Solo 401(k) Makes More Sense Than Ever

Lower tax rates under the new income tax law, combined with the likelihood of higher tax rates in the future, support a Roth solo 401(k) contribution strategy.

The Interest Deduction is Dying a Slow Death

The Interest Deduction is Dying a Slow Death

The Tax Cuts and Jobs Act of 2017 contains numerous changes that affect income tax planning and preparation for 2018 through 2025 after which most of the provisions expire. Two of the more significant changes are a reduction in the amount of principal on which residential mortgage interest can be deducted and the elimination of…

Leverage Your Assets for Retirement

Leverage Your Assets for Retirement

When you buy a house, typical financing is a mortgage equal to 80% of the purchase price. This enables you to purchase a much more expensive home than you would otherwise be able to do without the mortgage. The goal is to increase your equity in the property over time through a combination of paying down the mortgage and appreciation.

Are Nondeductible IRA Contributions Worth It?

Are Nondeductible IRA Contributions Worth It?

Given the relatively small limit of nondeductible IRA contributions and complexity of calculating allowable contributions, tracking basis, and calculating the taxable portion of IRA distributions, are they worth the effort?

AMT Exposure Minimized Under New Tax Law

AMT Exposure Minimized Under New Tax Law

The alternative minimum tax, or AMT, dreaded by many taxpayers for years, has been given a long-overdue facelift by the Tax Cuts and Jobs Act, with an associated reduction in affected individuals from 5 million to 200,000.

Tax Reform:  Now You See It, Now You Don’t

Tax Reform: Now You See It, Now You Don’t

The new Tax Cuts and Jobs Act contains several provisions that partially, or completely, negate what appear at first blush to be potential tax savings.

Charitable Giving Cut for Middle-Income Taxpayers in Tax Cuts and Jobs Act

Charitable Giving Cut for Middle-Income Taxpayers in Tax Cuts and Jobs Act

If the Tax Cuts and Jobs Act as currently proposed is enacted, middle-income taxpayers who make charitable contributions based solely on tax savings may be less inclined to do so if the amount of their standard deduction is greater than their allowable itemized deductions.

Avoid Income Tax on Stock Sales with Donor Advised Funds

Avoid Income Tax on Stock Sales with Donor Advised Funds

Now that the 2016 income tax filing season is behind us, we can focus on 2017 tax planning. Although the stock market is down about 3% from record highs, there are a lot of investors with significant unrealized capital gains in nonretirement investment accounts. The dilemma for these individuals is how to sell their appreciated…

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