Retegy Blog
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Tax Strategies
Build a secure financial future for yourself and your family with our comprehensive resources
on personal financial planning, including tips, tools, and strategies for achieving your financial goals.
Navigating "Five-Year Rules" of Roth Accounts
Ensuring Tax-Free Withdrawals: What You Need to Know About Roth Accounts
Unlock the secrets of Roth IRAs and Roth 401(k)s with our comprehensive guide, exploring the unique tax benefits, crucial five-year rules, and strategic withdrawal practices to maximize your retirement savings and ensure a financially secure future.
Understanding the Ins and Outs of Workplace 401(k) Plans
Invest in Your Future: Deciphering the 401(k) Puzzle
While considering future financial stability, a 401(k) plan stands as one of the most advantageous options available today. Named after the section of the U.S. tax code that establishes it, the 401(k) has become the retirement plan of choice for many businesses across the country. If you're unfamiliar with how this plan works or the potential benefits it could bring to your financial portfolio, let's delve into the details.
New Retirement Contribution Limits for 2023
The Internal Revenue Service has released new retirement contribution limits for the coming year.
After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels. This include changes to IRA, Roth IRA, Workplace and SIMPLE Retirement Accounts, and other changes.
2021 Limits for IRAs, 401(k)s and More
Numbers to know for the new year.
On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.
“Backdoor” Roth IRAs
If you make too much money to open a Roth IRA, you could create one this way.
You can sum up the appeal of a Roth IRA in three words: federal tax benefit.
New IRS Contribution Limits for 2020
Changes for 2020.
The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes.
Tax Moves to Consider in Summer
Now is a good time to think about a few financial matters.
Consider making tax moves earlier rather than later. If you own a business, earn significant investment income, are recently married or divorced, or have a Flexible Savings Account (FSA), you may want to work on your income tax strategy now rather than in December or April.
Tax Efficiency
What it means; why it counts.
The after-tax return vs. the pretax return. Everyone wants their investments to perform well. But for many investors it’s their after-tax return that may make all the difference. After all, even if your portfolio is earning double-digit returns, it may not matter if you’re also losing a percent of those earnings to taxes.
Roth IRA Conversions
What are your options? What are the benefits?
If you own an Individual Retirement Account (IRA), perhaps you have heard about Roth IRA conversions. Converting your traditional IRA to a Roth IRA can make a lot of sense depending on your situation. But remember, consulting with your financial advisor before making financial decisions is never a bad idea. Ready to learn more? Read on.
Section 199A Business Tax Deductions
A deduction intended for pass-through business owners
Many households, businesses, and other organizations are arranging their documents for the coming tax season. The changes to the tax code have inspired a great deal of discussion, confusion, and clarification.
A Look at HSAs
Health Savings Accounts may provide you with remarkable tax advantages.
Why do higher-income households inquire about Health Savings Accounts? They have heard about what an HSA can potentially offer them: a pool of tax-exempt dollars for health care, a path to tax savings, even a possible source of retirement income after age 65. You may want to look at this option yourself.
Traditional vs. Roth IRAs
Perhaps both traditional and Roth IRAs can play a part in your retirement plans.
IRAs can be an important tool in your retirement savings belt, and whichever you choose to open could have a significant impact on how those accounts might grow.
How New Tax Laws Affect Small Businesses
A recap of the major changes impacting corporations and closely held firms.
The Tax Cuts & Jobs Act changed the tax picture for business owners. Whether your company is incorporated or held closely, you must recognize how the recent adjustments to the Internal Revenue Code can potentially affect you and your workers.
“Mega Backdoor Roth” – The Definitive Guide
Tax Implications and Benefits of the Mega Backdoor Roth
What is “Mega Backdoor Roth IRA”? It is a financial planning technique that deals with contributing funds to a Roth IRA retirement savings account.
Some Changes Are Coming for 401(k)s
Take note of them for 2019.
Some notable developments are about to impact 401(k) plans. They follow a major change that became effective in 2018. Thanks to the Tax Cuts & Jobs Act, workers who borrow from 401(k) accounts and leave their jobs now have until October of the following year to repay plan loans.
Tax Considerations for Retirees
Are you aware of them?
The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.
Tax Changes That May Be Overlooked
Some alterations to the Internal Revenue Code were less publicized than others.
Late last year, federal tax laws underwent sweeping changes. Nearly a year later, you can be forgiven for not keeping up with them all. Here is a look at some important (yet underrecognized) adjustments that may affect the numbers on your 2018 federal return.
Is Now the Right Time to Go Roth?
Some say yes, pointing to the recent federal tax reforms.
Will federal income tax rates ever be lower than they are right now? Given the outlook for Social Security and Medicare, it is hard to imagine them falling much further. Higher federal income taxes could very well be on the horizon, as the tax cuts set by the 2017 reforms are scheduled to sunset when 2025 ends.
4 Things to Know About Backdoor Roth IRA Conversions
Backdoor Roth conversion may not be the best strategy to use in all situations.
A backdoor Roth IRA conversion is a way of funding a Roth IRA account with a traditional IRA conversion instead of a direct contribution.
Avoid Tax Consequences With a Direct 401(k) Rollover
Few things you need to know about 401(k) rollover
There are several options for your 401(k) plan when you leave an employer, two of which are the direct and indirect rollover.
Roth Conversions Must Now Be Used Wisely
Roth conversions are still allowed, but under the new law, they are irrevocable.
A Roth IRA is a type of retirement account that allows the owner to contribute after-tax dollars and enjoy tax-deferred growth and tax-free distributions in retirement. The tax-deferred growth experienced in a Roth IRA allows funds to compound faster because the total amount is not affected by taxes. A Roth IRA is a great way to save for retirement and protect your retirement funds from the uncertainty of future tax law changes.
