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Brokerage Account Tax planning Updated for 2021

What You Need to Know About Capital Gains Tax

Updated for 2021. What is a capital gains tax? When you sell an asset like a stock or a home, your gain could be taxable. The tax rate will depend on several factors, such as your holding period, type of asset, and your taxable income for the year. Depending on…

Kristin McKennaJune 29, 2020

ISOs NQSOs Stock options Tax planning Updated for 2021

How Are Stock Options Taxed?

How are stock options taxed? If you have stock options or equity-based compensation as a large part of your income, the tax treatment of your stock options is especially important. How stock options are taxed usually depends on the type of options you have (incentive or non-qualified) and your sale…

Kristin McKennaJune 24, 2020

Brokerage Account Cash Management Debt Management Financial Planning Infographics Investing Updated for 2021

What To Do With Excess Cash: 7 Ways to Use Extra Savings

What should you do with excess cash? If you are holding too much cash, consider how to use the extra money to your benefit. If you have extra cash in the bank, you may be wondering if you should invest the money or pay down debt. Assuming you already have…

Kristin McKennaMay 27, 2020

Asset Management Financial Planning Retirement Planning Roth IRA Secure Act Traditional IRA Updated for 2021

Converting a Traditional IRA to a Roth Before or During Retirement

It doesn't always make sense to convert a traditional IRA to a Roth IRA. Your current and projected tax rate is often a main component of the decision, but there are other issues at play. Converting a traditional IRA to a Roth doesn't make sense unless you have cash to…

Kristin McKennaMay 27, 2020

401(k) Plans Financial Planning IRA Rollover Roth IRA Secure Act Updated for 2021

Rolling Over a 401(k) to a Roth IRA: Should You Convert to a Roth?

What are your 401(k) rollover options? You may consider rolling over an old 401(k) to a Roth IRA, which is properly described as a Roth conversion. Converting your old 401(k) or 403(b) to a Roth IRA is worth considering. A Roth IRA offers unique benefits unavailable in other types of…

Kristin McKennaMay 26, 2020

Retirement Planning Secure Act Tax planning Updated for 2021

3 Strategies to Minimize Taxes on Required Minimum Distributions (RMDs)

Updated following the passing of the Secure Act. 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 financial planning, to get the best results you'll want to start early. For workers with $1M+ in…

Kristin McKennaMay 20, 2020

Forbes Tax & Estate Planning Trusts Updated for 2021

Do I Need a Trust If I Have a Will?

A will and a trust are two different estate planning tools. Consider a will like a high-level set of instructions for after you pass away. You generally use a will to name the executor of your estate and guardianship for your children. Although you can leave assets to your heirs…

Kristin McKennaMarch 31, 2020

Asset Management Brokerage Account Diversification Investing Tax planning Updated for 2021

Tax-loss Harvesting After a Downturn in the Stock Market

Tax-loss harvesting is the process of selling an investment at a loss to offset other gains or carry the loss forward to future years. It's the ultimate silver lining: using the recent losses in your investment account to your advantage. During widespread selloffs, most equity positions have lost value relative…

Kristin McKennaMarch 30, 2020

Debt Management Forbes Interest rates Mortgages Real Estate Updated for 2021

With Mortgage Rates So Low, Is Now a Good Time to Refinance?

With 30-year fixed mortgage rates currently averaging below 3%, it might make sense for homeowners to consider refinancing. Depending on several factors, such as your current interest rate and age of your existing mortgage, refinancing could mean a lower monthly payment and big savings over the life of the loan.…

Kristin McKennaMarch 26, 2020

Cash Management Current events Debt Management Home buying Interest rates Investing Mortgages Real Estate Updated for 2021

Is Refinancing Your Mortgage Worth It? Here’s How Much You Could Save

How much can refinancing your mortgage save you? Mortgage rates are currently very low - the average 30-year mortgage is now below 3%. It might make sense for homeowners to consider refinancing. How much could you save from refinancing your mortgage? Here's how to tell if refinancing your mortgage is…

Kristin McKennaMarch 2, 2020