“I’m proud to be paying taxes in the United States. The only thing is — I could be just as proud for half the money” -Arthur Godfrey There is some debate about how large the US income tax code is. If you are just talking about the literal statutes, it...
There are two basic types or retirement accounts. The first is the tax-deferred type. This is your traditional 401(k) or traditional IRA. Money that goes in is pre-tax or tax-deductible, the funds grow tax-deferred, and then you pay income taxes on the distributions in retirement (after age 591/2). The second...
Last Week Tonight with John Oliver has, in my opinion, a great track record for showcasing forgotten or ignored issues that defy common sense, and then ripping the systems that create or sustain them to pieces with blue comedy that still manages to be charming thanks to his British accent and...
My parents will be turning 62 next year, and I don’t think they’ve been this excited about a milestone since their 18th birthdays. They cannot wait to start collecting early Social Security benefits. And I am trying my hardest to stop them. Some of the best loopholes for maximizing your Social Security...
Recently, a client asked me what I thought about a video that was making its way around Facebook a few weeks ago demonstrating the power of investing early. I can’t find it anymore, but the basic premise was something along the lines of if you invested just $2,000 each year in...
Choosing what type of accounts to use to save for retirement and how to prioritize their funding can be confusing. Below is a basic decision tree to hopefully make the process a little easier. Self-employed people and certain others have situations that are more complex, but this is an appropriate guide for...
Please note that I am not qualified to give tax advice and none of the information below should be used without the guidance of a professional tax adviser who is familiar with all the relevant facts. It’s time for the often fruitless social convention of making New Year resolutions. Twelve months...
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