Fear not if you’ve found yourself hitting the income limits for direct Roth IRA contributions. The Backdoor Roth IRA might be your ticket to tax-advantaged growth. In this step-by-step guide, we’ll walk you through the process, from laying the groundwork with a traditional IRA to navigating the conversion to a Roth. Plus, we’ll highlight key…
First, let’s clear up the misconception about a ROTH 401(k) Contribution. NO MATTER HOW MUCH MONEY YOU MAKE, YOU CAN CONTRIBUTE TO A ROTH 401(k) in your employer-sponsored plan (assuming they offer the choice). I get asked repeatedly why I would want to pay taxes on my 401(K) or other employer-sponsored retirement contributions now. The…
In his escapades and adventures, James Bond may have used many tricks to escape death. However, even James Bond would have needed documentation to deduct the cost of his Aston Martin. Court nixes most auto deductions: In the summary judgment issued by a Tax Court Judge, he ruled that the owner of a Long Beach, California-based `…
As we grow older, the parent/child roles often reverse, and we find ourselves caring for the very parents who once cared for us. That reversal has happened to myself and my parents, specifically my Dad. This past weekend, I experienced the struggle to access and coordinate my Dad’s ongoing care through Medicare. I am sharing…
“Big things come in small packages,” and the 1% Change is precisely that tiny package. What does a 1% Change do for you? A great example at the highest level is the Professional Golfers Association (PGA. Looking at the top 25 golfers in scoring average, the difference between #1 Rory McIlroy and #25 Billy Horschel….