Embarking on the journey of retirement signifies a well-deserved break after decades of dedication and toil. Yet, this phase also introduces a unique set of financial intricacies, particularly in the realm of…
Category: Taxes
2023 Tax Prep: The Deductible Amounts You Need to Know
When it comes to preparing your federal income tax return, one of the pivotal choices you’ll face is whether to opt for the standard deduction or to itemize your deductions. Both methods…
Retirees: Here is How To Keep More Money in Your Pocket and Pay Less Taxes
Even in retirement, the specter of federal taxes can loom large, casting a shadow over what should be one’s golden years. This period often envisioned as a time of leisure and financial…
Avoid IRS Nightmares: How to Dodge Excess Contribution Blunders
Stay on Top of Deadlines and Remember Your Required Minimum Distributions. Retirement plans and IRAs offer tax advantages for saving. In the case of Roth IRAs and Roth 401(k)s, earnings from contributions…
Discover How to Create an Income-Generating Portfolio
For many people, portfolio income is the path to achieving financial independence. Funds accumulated during one’s working years can be used to construct an investment portfolio that generates revenue during retirement. Here…
Investing in Real Estate Without Buying Property? Tax Liens May Hold the Key
If you’re looking for profitable real estate investments but don’t want the responsibility of owning and managing property, consider investing in tax liens. This indirect method offers a chance to profit from…
Why Your Inherited IRA Might Be Worth Less Than You Think
In 2023, the total value of IRAs in America surpassed $12 trillion. With diligent savings, many individuals hope to pass on a significant portion of these funds to their heirs. However, recent…
The Hidden Dangers of Holding NFTs in Your IRA
Before investing in NFTs, it’s crucial to carefully evaluate the source of your investment funds. This is particularly important if you use your IRA funds for NFT investments. The taxation of cryptocurrency…
Risky Business or Smart Move: The Saga of Storing IRA Gold at Home
A glance at Home Storage Gold IRA advertisements may convince you of the advantages of storing your gold reserves right in your home. While the concept may seem attractive, keeping gold at…
Shocking Tax Loopholes: Lifelong Gifting vs. Bequests
Retirement is the perfect time to plan your legacy. Among the most important decisions are how and when to pass your assets to your loved ones. Should you gift during your lifetime…
