Your employer 401(k) plan is a valuable tool in your arsenal for ensuring your future self will have assets available in retirement. The benefit of deferring part of your current income over a long period of time has allowed many individuals to retire more comfortably over the years. That said, many will be tempted to… Continue reading The Costly Consequences of Pulling from Your 401(k): Why You Should Think Twice
Article Categories: Articles
A Step-by-Step Guide to Executing a Backdoor Roth IRA Conversion
The Backdoor Roth IRA is a financial strategy that allows high-income earners to take advantage of the tax benefits of a Roth IRA, even if they exceed the income limits for direct contributions. The limits for direct Roth contributions are income levels of more than $153,000 for single tax filers and $228,000 for those married… Continue reading A Step-by-Step Guide to Executing a Backdoor Roth IRA Conversion
Back-to-School Tax Tips for Educators
Teachers often buy classroom supplies with their own money. The IRS provides some tax relief for educators when out-of-pocket expenses are not reimbursed. If you’re a K-12 teacher, instructor, counselor, principal, or aide and work for at least 900 hours during the school year, you’re eligible for the Educator Expense Tax Deduction. For reference, the 900-hour… Continue reading Back-to-School Tax Tips for Educators
Back to School Supplies Spending Tips
It’s back-to-school time! The days are growing shorter, and the early mornings carry a crisp, cold air. Here are a few tips to make purchasing your child’s back-to-school supplies less burdensome and to avoid accruing debt on your credit card. Tip #1 – Plan Ahead The cost of school supplies tends to rise, and predicting… Continue reading Back to School Supplies Spending Tips
Things are Looking Up!
Things are looking up . . . in tax land that is. Taxes are scheduled to go up in 2026. How did this happen and what should you do about it? Visit the Learning Library
Student Loan Payments Set to Resume in October
On March 13, 2020 as the country was dealing with fallout from the Covid-19 pandemic, President Trump temporarily paused Federal Student Loan Payments. Over the last 3 and a half years, the pause has been extended several times but it was recently announced that the latest pause, which ends on September 30, 2023 will be… Continue reading Student Loan Payments Set to Resume in October
The Drawbacks of Mutual Funds in Brokerage Accounts: Why They May Not Be the Ideal Investment
Mutual funds are pooled investments that allow investors to diversify their portfolios and benefit from professional management. They are a great choice for workplace retirement plans and IRAs. But they are less than ideal for non-retirement brokerage accounts for two reasons: Tax inefficiency: Mutual funds are subject to capital gains taxes whenever they sell securities… Continue reading The Drawbacks of Mutual Funds in Brokerage Accounts: Why They May Not Be the Ideal Investment
The Ultimate Guide to Purchasing a Vehicle
Purchasing a vehicle is a significant milestone for many individuals and families. Whether it’s your first car or an upgrade, the process of buying a vehicle requires careful consideration and preparation to ensure you make a wise investment. From choosing the right type of vehicle to negotiating the best deal, this article will serve as… Continue reading The Ultimate Guide to Purchasing a Vehicle
The Importance of Knowing Your Debt
Debt is part of every day life for millions of Americans, allowing individuals to access opportunities and achieve their goals. Unfortunately, many people lack an understanding of “their” debt. It is important to know your debt and this article will highlight the benefits to your financial well-being. The first benefit is that by knowing the… Continue reading The Importance of Knowing Your Debt
Distinguishing Dividend Distributions
When you invest in funds, such as mutual funds or exchange-traded funds (ETFs), one of the income sources you’re likely counting on is dividends. As a reminder, dividends are your portion of a fund’s profits that they’re sharing with you, because you own a part of the fund through your shares. It’s important to know… Continue reading Distinguishing Dividend Distributions
