Prefer to listen rather than read? Pair this post with Deliberate Money Moves Podcast: Plan to Leave Highly Appreciated Assets to Your Heirs. Today we are talking about legacy gifting. You may think you are too young to think about this, but I think you’re never too young to begin structuring your investments for the […]
Prefer to listen rather than read? Pair this post with Deliberate Money Moves Podcast: Consider Taxes When Making Withdrawals. Actually Using Your Savings I know that might sound odd as we tend to save throughout our working life and even sometimes well into our retirement years. But there will be times you need to withdraw […]
I’m guessing that you don’t love to do your own taxes, but even if you do that’s no reason to take the risk that comes with preparing your own taxes. I’ve seen some very smart people who make a lot of money cost themselves literally tens of thousands of dollars because they were trying to […]
This tip is not for everyone, but if you are happy using a high deductible health plan, then you have access to a Health Savings Account or HSA. Further, if you have excess savings and you have cash piling up in your savings account, you should be using this accumulation strategy with your HSA. Maximize […]
A 1031 exchange allows you to exchange a piece of real estate for another piece of real estate without paying capital gains taxes. Consider a 1031 exchange ONLY when continuing to hold property in your portfolio makes the most sense BEFORE considering taxes. The people who actively switch among rental properties will use 1031 exchanges […]
We don’t usually think of managing gifts for tax purposes, but as you begin thinking about how you want to share your wealth it becomes very important. There are two types of gifts I’m thinking about here, charity and the gifts to your heirs. Charitable Gifts When you give to a qualified charity, you can […]
I know retirement plans can be confusing, but they are very powerful tools for saving in a tax optimized way. The Popular Way Make tax deductible contributions to your 401k, 403b or other retirement plan. This allows you to delay paying taxes on a portion of your income until later in life. The idea here […]
We all know we get taxed many different ways, and it’s important to understand them all at least to some degree. I want to focus on the capital gains tax and how we can use these rates to our advantage. Capital gains happen when you sell something for a gain. Each year, the IRS requires […]
If you regularly give to charity and have income that fluctuates, I’m going to show you something that is going to save you money. As I’m sure you know, your charitable contributions are deductible from your income for tax purposes. So, if you give $10,000 per year, you get to reduce your taxable income by […]
Last week we talked about the three types of accounts we can use for our Long-Term Portfolio and I said it’s important to have balances in all three types. The Already-Taxed or Roth account is the most difficult to contribute to so I want to talk this week about how we can get money into […]