Learn how Required Minimum Distributions work, why the IRS requires them, how penalties apply, and how they can be used strategically for taxes and charitable giving.
Uncover your Financial Elements with a quick, powerful, and private financial health assessment available to clients and friends at www.openwindowFS.com/financialelements.
Paying taxes is part of life, but did you know that when you choose to pay them might make a difference in your tax bill, and in your quality of life? Consider these must-know facts about your taxes, especially if you owe "quarterlies" or estimated "voucher payments."
A health savings account (HSA) provides a tax-smart way to confront the growing burden of healthcare costs while providing other unique tax advantages. Here's what you need to know towards making a lifetime of health & medical expenses tax-deductible (including most Medicare expenses).
Tax savings can be significant by targeting the “Valley of Opportunity” that appears during lower-income tax years. Life tends to present these valleys as predictable opportunities, occurring at certain times and even at specific ages. Make sure you’re prepared to act by “filling up the valley” to avoid leaving your future self, or your beneficiaries, with higher effective tax rates.
The "4% rule" is a handy rule of thumb for estimating a safe and sustainable level of spending in retirement. Does it hold up? Let's learn more about the rule, including how to personalize it for your life.
How much of your recent efforts to file this year's taxes went towards confirming last year's actions? Over the years, all that backward-looking tax reporting adds up. You can bet that the IRS is keeping track. So, if you want to come out ahead on taxes next year (and in the years to follow), make sure you're being just as forward-looking about your money as the IRS is. Here's how.
As you approach retirement, one of the most complex, important, and valuable financial decisions you can make is when to claim Social Security. Here are some key points and considerations to think about as you consider your Social Security benefits.
Roth accounts offer tax-free growth and tax-free withdrawals. But these benefits can be hard to come by, especially for high earners. Should you consider a tax-free Roth? We’re discussing what you need to know below.
There are three certainties in life: death, taxes, and change. Here is an in-depth review of some of the tools and techniques we can use to reduce one of those certainties: your lifetime tax bill (or beyond, through a tax-efficient transfer to heirs).
You've achieved retirement. You put your plan into action without regret, then the world darkens in an economic recession. Are your holdings, hopes, and dreams at risk?
If you have the discipline and cash flow to save more than half of your income each month to put toward an early retirement, FIRE might work for you.
While you may have chosen to save using a traditional retirement account, you have the option to switch to a tax-free retirement account at any time. This switch is called a Roth conversion. Who should consider a switch, and who should stay away? We've got your biggest questions answered.
There are a number of details involved when it comes to maximizing your Social Security benefits. If you're married, it's important to consider your options for both you and your partner.