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Time to Convert Old 401k/IRA to Roth IRA

Thanks to Trump’s Tax Cuts and Jobs of 2017, we have historically attractive marginal income tax rates. If you convert (or withdraw) any part of a pre-tax IRA (think old 401k) to a Roth IRA, you treat the amount you convert as ordinary…
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Ship Captain's Value in Rough Seas

  Lake Michigan can be easy sailing or super intimidating and downright scary depending on what side of the breakers your boat sits. Last weekend, one of our neighbors kindly took my wife Soni, and daughter, Olivia sailing on their…
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Want a Second Home to Avoid Illinois Income Tax?

Taxes and the cold drive people out of IL to warmer and zero income tax states. Read what's up with IL income tax and how to keep a home in IL and another state. If you are over age 50 and especially if you're an empty nester (like me)…
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Massive Tax-Deductible $200k Retirement Plan Contribution for Self-Employed

Massive tax deductible strategy for high income self employed!
CRT Charitable Remainder Trust
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Massive Tax Break for "Doing Good" - CRT

Huge Income Tax Savings and Retirement Income Strategy Awaits You! After a ten-year Bull Stock Market run you may own stocks or stock mutual funds that have huge taxable gains waiting for you if you were to sell. Q. Why would you want to sell…
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Ideal 4 Point Retirement Plan

    Do you like my 4 point plan? This plan is a framework for what I consider to be an ideal retirement plan.  Part 1. In my ideal retirement plan, my wife and I would like to be able to spend and enjoy ALL (not just portfolio interest)…
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How A Know It All Kid Leads to Financial Peace

Keep you on track and enable you to reach your financial destination on time A recent holiday road trip reminded me of the need and value of consulting with a Certified Financial Planner (CFP®). Through a Christmas break trip driving from Chicago…
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How Seniors Can Make Tax-Free Charitable Deductions (QCD's)

If you or your parents are at least 70 1/2 years old and make charitable gifts than this article could save you a lot of income taxes. The 2017 Tax Cuts and Jobs Act made a special gifting strategy especially attractive for seniors making charitable…
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Roth Conversion Super Attractive Now For Many People

Roth conversion's are worth a close look now, especially after new tax law. Whether you are retired or not, this may be a great time to convert Traditional IRA (including those 401k rollovers) to Roth IRA's. Why now? The New Tax Law. These…
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When a 401k is NOT the Place to Save

For many people, 401k plan contributions are not where all their savings should be going, at least not right now. You say "Why in the world would you say that?" Making 401k contributions first equates to building the kitchen in your…
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Why Roth Conversion of Your IRA Makes Sense Now

  Roth Conversion is terrific idea this year for Retirees and Pre-Retirees: at most income tax brackets….. Paying tax now rather than later may make very good financial cents for you. Yes, this is contrary to normal income tax planning,…