Tax Planning

Roth IRA Tips, Back Doors, and Key

It seems that all we have been doing for the past few months is talking about taxes. The Tax Reform & Job Act did, in fact, give us much to talk about. At one point, it appeared that the bill was going to do away, or significantly reduce, pre-tax savings opportunities currently available to eligible retirement plan participants.

The talk was that after-tax contributions would largely replace pre-tax contributions in 401(k)s, 403(b)s, and other defined contribution plans. In other words, they would have forced everyone into Roth IRA type of arrangements, where you don’t get the near-term incentive of saving on taxes, but the earnings would be tax-free. Fortunately, taxpayers retained the incentives and flexibility to decide for ourselves between pre-tax accounts that defer income taxes or post-tax alternatives that grow tax-free. With both alternatives still available, a common question remains.

Should I do a Roth IRA?

4 Tax Cuts and Jobs Act Year End "To Do's"

In early November, I highlighted some of the changes that were in the tax reform legislation known as the Tax Cuts and Jobs Act. Over the past several weeks, the deal making process was in high gear as some elements expected to be in the bill stayed, while others were left out of the final version.

Instead of rehashing all of the changes though, I thought it may be worthwhile to point out a few end of year "To Do's" that may be worth considering as a result of the new law.

Your 2017 End of Year “To Do” List

With so many distractions this time of year, you may think that personal finance would be the last thing on people’s minds. However, taking a little time to add some personal finance “To Do’s” to your year end list could be the best present you could get for yourself or loved ones this year.