There are so many types of retirement accounts available today, and for most, choosing the right one(s) for you seems incredibly overwhelming. In my opinion, as a CPA, Roth IRAs are one of the most underrated retirement accounts out there. Many don’t know all the benefits this type of account
Download the PDF A 529 account is a type of savings plan that is designed specifically for education expenses. The money in a 529 account can be used to pay for a wide range of education-related expenses, including tuition, fees, books, supplies, and room and board. One of the main
When contributing to your IRA or 401(k) you have the option to do either tax-deferred or Roth contributions. The difference in these 2 types of contributions is when taxes are paid. For tax-deferred contributions, taxes have not been paid on the money you use to fund the account. Instead, you
For the first time in a long time, people are talking about US Treasuries as an investment option. This is largely due to the turmoil in the equity markets and the historic rise of interest rates in 2o22. But why would you want to invest in Treasuries? When it comes
Most business owners have a CPA and/or bookkeeper, but do they have a Financial Planning Expert? Meaning, is someone analyzing the financials for efficiencies or inefficiencies, performing trend analysis, or looking for savings opportunities? Traditionally, there is very little planning that goes into most services offered by your typical CPA.
We have a few clients with 678 Trusts and have found them to be an interesting estate planning technique. A 678 trust, also known as a qualified terminable interest property (QTIP) trust, is a type of trust that is commonly used in estate planning. This type of trust allows an
If you are a business owner and have children, you might not be taking advantage of a simple strategy that can save you taxes, while also getting a jump start on your kid’s retirement savings. Through your company, you can hire your child as an employee and pay them
The Internal Revenue Service has released new limits for the coming year for retirement accounts. Due to high inflation we are seeing some of the highest increases ever to allow you to contribute to your 401(k), IRA, Roth IRA and other retirement accounts. Individual Retirement Accounts (IRAs) IRA contribution limits
A Roth conversion is a process in which an individual converts funds from a traditional individual retirement account (IRA) or 401(k) plan into a Roth IRA. This type of conversion can be a powerful tool for retirement savings, as it allows individuals to pay taxes on their contributions up front
Roth vs Pre-Tax Savings Funding a Roth vs Pre-Tax investment vehicle is always a hot topic when trying to decide the type of retirement savings that’s best for you. There are multiple factors that come into play; and unfortunately, some of those factors we won’t know until retirement, such as