7 Last Minute Tips to Reduce Your Tax Bill

Slash your 2021 taxes

The deadline for most taxpayers to file their 2021 returns is April 18th this year. The number of opportunities to slash your tax bill drops off dramatically once the calendar year comes to a close, but there are still a few tried and true ways to get your taxable income down now before you file. […]

The NIIT-y Gritty of the Net Investment Income Tax

Man working on financial papers

The Net Investment Income Tax (NIIT) has been around since 2010, and it applies to investors who have high incomes and healthy investment account balances. It applies regardless of whether you are working or are retired and covers a broad range of assets classes. But since retirees often rely on withdrawals from investments to generate […]

Inherited Roth IRA Rules

Inherited Roth IRA Rules

Inherited Roth IRA Rules can be complicated. This is especially true if you inherit an account as a non-spouse beneficiary. Understanding how these accounts work, what the rules are for withdrawing money, and the tax consequences that follow are all critical to maximizing the value of your inheritance. We’ll break down everything you need to […]

When It Pays to Max Out Your HSA

HSA Debit Card

A Health Savings Account (HSA) is a unique tool that provides special tax benefits when used for medical expenses. They are packaged as an add-on to a high deductible health plan and are becoming an increasingly popular employee benefit. We field lots of questions on these accounts – everything from how they work to whether […]

Retirement Is About Income … and Taxes

Retirement and Taxes

You’ve figured out your budget, your retirement nest egg is substantial, and you’re ready to make the transition to living savings instead of income from work. Have you thought through the tax implications of moving from a W2 to a 1099R? It’s very common for tax planning to be overlooked. After all, the common wisdom […]

The New Biden Tax Increase (And What to Do About It)

Biden Speech on Tax Increase

Matt Bacon         April 22, 2021 A big announcement came yesterday about regarding the new Biden tax increase. During a scheduled press conference, White House Press Secretary Jen Psaki announced that President Biden will propose raising taxes on the wealthy next week. The tax increases will be used to fund nearly $1 trillion in investments for […]