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7. Tax Planning

Roth IRA or Not? Listen in on the new Roth IRA Rules

Join me in an interview with Curtis Smith CFP®, a fee-only Financial Advisor,
to find out how a Roth IRA works and if it is right for you.
You can listen in at
RothIRA033010

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Reduce Your Tax Liability-It’s Legal

Tax planning consists of the use of tax deferrals, tax deductions and tax credits to legally reduce your tax liability. The one that most of you are familiar with is tax deferral. That is because most of you have a 401K plan at work.
For example, if you earn $100,000 a year and [...]

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File Your Taxes Late- Reason #3

File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #3 of 3 of those situations:
1. Roth IRA Conversion
2. Multiple Roth IRA Conversions
3. Home buyers who haven’t [...]

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File Your Taxes Late -Reason #2

File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #2 of 3 of those situations:
1. Roth IRA Conversion
2. Many taxpayers are setting up multiple Roth [...]

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File Your Taxes Late

File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #1 of 3 of those situations:
1.  If you are making a Roth IRA conversion, filing an extension can juice [...]

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Maximum 401K Contribution

To find your 401k maximum contribution for 2010 and more see
401K Contribution Limits
To make the most of your 401K contributions, you need to know first how much you can contribute. Usually that is based on a vesting schedule. See your employer about when you “vest”.  401K contributions are also limited. You can contribute a certain [...]

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Getting a Tax Refund or Not?

I am a big believer in NOT getting a tax refund. A tax refund is giving the US government a tax-free loan. You can get that money on a monthly basis to spend, save, or invest. Many people use a tax refund as a forced savings. Big mistake! If you understand the time value of [...]

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Changes in Charitable Contributions

There have been some significant changes in the tax law that can change the way you make your holiday charitable contributions.
First – if you or your parents or grandparents are over age 70 ½, you have a one time opportunity (which expires this December 31) to rollover funds up to a maximum of $100,000 from [...]

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Tax Harvest Time

Fall is such a wonderful time of year. I love the local harvest festivals and the earthy colors of the season. It is also the time of year when Financial Advisors think of tax harvesting which is a term that they use when reviewing portfolios for tax efficiency and thinking about how to offset gains [...]

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