Why you can’t afford to miss out on a Roth IRA
Why you can’t afford to miss out on a Roth IRA With a Roth IRA, you do have to pay income tax on your plan contributions (and/or Roth Conversions), but your investment earnings will NEVER be subject to income taxes thereafter. The only requirements are that you must be at least age 59 ½ when […]
Why do you need a tax planning professional and NOT just a CPA or accountant?
Why do you need a tax planning professional and NOT just a CPA or accountant? Well… the Gettysburg address is 269 words, the Declaration of Independence is 1,337 words, and the Bible is only 773,000 words. However … the tax code has grown from 11,400 words in 1913 into 7 million words today. NO ONE has […]
Timing is EVERYTHING
Timing is EVERYTHING Get The Case Study And Discover How The ‘ADVANCED FINANCIAL FREEDOM PLAN™’ Has Already Cut Eric & Jane’s Income Taxes By Over $1,000,000 And Increased Their Net Wealth™ By $3,000,000! …And See How We Could Easily Do The Same For You. Not only does a successful tax strategy require implication at specific […]
4 CARES ACT MISCONCEPTIONS
4 CARES ACT MISCONCEPTIONS The Coronavirus Aid, Relief and Economic Recovery Act (CARES Act), signed into law on March 27, includes several important retirement-related provisions. Because some of these provisions are confusing, several misconceptions about the new law have arisen. In this blog post, we will attempt to set the record straight. Misconception #1: Everyone […]
How does the Secure Act alter Roth conversion strategies?
How does the Secure Act alter Roth conversion strategies? Recent speculation has some believing that the Secure Act would reduce some of the benefit of Roth conversion strategies because of the required payout within 10 years. This professional strategist disagrees, and I’ll explain why… The rest of this Blog post is restricted to Advanced Financial […]
Secure Act Changes Special Needs Trusts
Secure Act Changes Special Needs Trusts The SECURE Act was a game changer for trusts named as an IRA beneficiary. Most trusts will be limited to a 10-year payout rule, just like most other non-spouse beneficiaries. However, Congress was careful to carve out some exceptions for some trusts with special needs beneficiaries, specifically eligible designated beneficiaries […]
IRS Announces BLANKET Relief for Unwanted 2020 RMDs!
IRS Announces BLANKET Relief for Unwanted 2020 RMDs! The IRS has just released IRS Notice 2020-51 which extended the deadline to August 31, 2020 to return any unwanted 2020 RMDs. Unprecedented Relief! ALL unwanted RMDs taken in 2020 can now be returned – rolled over – back to an IRA or company plan. By “ALL” we […]
Retirement Savings in a Volatile Market – is now the time for a Roth IRA Conversion?
RETIREMENT SAVINGS IN A VOLATILE MARKET – IS NOW THE TIME FOR A ROTH IRA CONVERSION? Wednesday, March 18, 2020 By Sarah Brenner, JD, amended and updated July 21, 2020 by David Schlossberg, Tax Plan for Wealth, Inc. IRA AnalystSince the coronavirus has begun, the markets and millions of retirement account balances have suffered significant losses […]
How The Secure Act Has Modified Legacy Planning – and how do you stop your heirs from losing out?
How The Secure Act Has Modified Legacy Planning – and how do you stop your heirs from losing out? Tuesday, July 21, 2020By David Schlossberg, Tax Plan for Wealth, Inc Under the prior rules, before the Secure Act existed, was the stretch IRA and stretch Roth IRA. It was a wonderful world where IRAs inherited […]
IRS Clarifies COVID-19 Relief Measures for Retirement Savers
IRS Clarifies COVID-19 Relief Measures for Retirement Savers Monday, August 3rd, 2020By David Schlossberg, Tax Plan for Wealth, Inc The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with financial fallout from the virus. The rules were […]