Mega backdoor Roth conversions give high-income earners an opportunity to participate in after-tax savings and tax-free investing. This strategy is available to individuals that participate in a qualified retirement plan, such as a 401(k), that allows after-tax contributions to the plan. Who Should Consider a Mega Backdoor Roth Conversion A mega backdoor Roth conversion may
Posted ByQualifying medical expenses include preventative care, treatment, surgeries, dental care, vision care, psychologists, psychiatrists, prescription medications, and appliances such as glasses, contacts, false teeth, and hearing aids, among others.
Posted ByCharitable gifting can occur throughout the year; however, many individuals and families focus on their charitable giving in the fourth quarter as it coincides with annual tax planning. Charitable donations are tax deductible for individuals who itemize their deductions when they file their tax return. The annual deduction limit for gifts to public charities is
Posted ByTaxpayers can make charitable gifts using cash or property. Examples of property commonly donated to charities include appreciated stock and other marketable securities. The type of asset gifted could affect the amount of the taxpayer’s deduction. This article explains various aspects and planning opportunities for donating cash and property. Understanding Cash Donations Cash donations to
Posted ByBill Hortz, Founder of the Institute for Innovation Development, recently interviewed Russ Schultz, Chief Executive Officer and Chief Investment Officer of Schultz Financial Group, about the complexity and challenges of investing and managing large sums of money. Hortz: Is investing $10 Million substantially different than investing $1M or smaller amounts of money? Schultz: The answer
Posted ByMedicare Part B premiums are automatically deducted from Social Security, Railroad Retirement Board, and Office of Personnel Management payments. The standard Medicare Part B premium is adjusted based on a taxpayer’s Modified Adjusted Gross Income (MAGI). MAGI for Medicare purposes is the taxpayer’s AGI plus any tax-exempt interest. Medicare uses a taxpayer’s MAGI from two
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The Five Things You Shouldn’t Tell ChatGPT
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The more you share with an AI chatbot, the more helpful they can be. But you may want to consider what information you share with these human-sounding tools, including your Social Security number or y...
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Some lesser-known hotel-booking websites charge hefty fees you won’t pay on the hotel’s site or major online travel agencies.
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Here are three trips to consider where the crowds are minimal and the scenery is spectacular.
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The requirements for travel vary based on the destination. The United Kingdom says U.S. citizens need to get electronic travel authorizations ahead of their flights. The European Union will eventually...
Protect Yourself From Tax Identity Theft. Here’s How I Did.
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Scam artists are filing false tax returns to claim refunds under other people’s names. If it happens to you, it could take two years for the IRS to sort it out.