3 Strategies to Minimize Taxes on Required Minimum Distributions (RMDs)
Looking for ways to minimize taxes on RMDs? For wealthy retirees, mandatory distributions from retirement accounts can cause taxes to increase sharply. As with all
Category: Tax planning
Tax planning and wealth building strategies from Kristin McKenna, CFP®. Tax-conscious wealth planning is critical for any high-income taxpayer: asset location and tax-efficient investing, stock option and equity compensation exercise and sale strategies, qualified small business stock, retirement income tax planning and bucketing strategies, deferred compensation, employer plans for business owners, charitable tax planning and donor-advised funds, reducing taxable income, changes in tax law.
What is a Step-up in Basis? Calculating Cost Basis of Inherited Stock or Other Assets
Updated for 2024. A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. A step-up in
Is Tax-Loss Harvesting a Good Idea?
Tax-loss harvesting is the process of selling an investment that has lost value in your portfolio to ‘realize’ the loss for tax purposes. Investors can
How a Roth IRA Could Make Your Kid a Millionaire
Updated for 2023. For most parents, it’s a trifecta: help your kids learn about investing, save for retirement, and get fast-tracked to becoming a millionaire.
What You Need to Know About Your Restricted Stock Awards
A restricted stock award is a type of stock compensation where founders or employees are granted shares of company stock subject to vesting requirements. Recipients
Should You Always Max Out Your 401(k)? The Downside of Pre-Tax Retirement Accounts
Is it always a good idea to max out your 401(k)? For wealthier retirees or individuals with a sizeable pension, you might not want to
The Best Ways to Build Wealth
What are the best strategies to build wealth and a comfortable lifestyle for you and your loved ones? The answer isn’t sexy or complicated. The
SEP IRA vs Solo 401(k): What’s the Best Retirement Plan for Small Business Owners?
Updated for 2022. Business owners have several retirement plans to choose from. For small companies, the SEP IRA and Solo 401(k) are the most common.
Do You Pay Tax on an Inheritance?
Do You Pay Tax on an Inheritance? What’s the tax treatment of an inheritance? Depending on what type of asset you inherit, it could be
How Your Brokerage Account is Taxed
How is a brokerage account taxed? Brokerage accounts (also called non-qualified accounts) are taxed differently than qualified retirement plans like a 401(k) or a 403(b).