tax Archives

Stop Traditional 401k Contributions

Your 401k is a shared asset. Your share this account with the IRS. The IRS will decide in the future (when you take it out) how much they will take at distribution. That’s right, your Traditional IRA('s) or 401k('s) are assets whose…

Year-End Tax Moves to Consider Now

You have some control over how much you pay each year in income tax. Before the end of the year you should be reviewing a few of your options. Selling securities that are worth less than what you paid for them in non-retirement accounts. For…

Achieving Financial Independence, Balanced Living, Investments

Amazing Tax Saving Opportunity for Entrepreneurs!

The dream retirement plan (Solo 401k) for self-employed people! I set up my financial planning practice in Glen Ellyn back in 1996. One of my first concerns was how I would save for retirement as an entrepreneur. At the time, the best plan…

Achieving Financial Independence, Investments, Tax Planning

Tax Saving! 8 Places to Invest, to Minimize Owing Taxes

Why I Dislike Taxes and How I Minimize What I Owe I want less government in my life and I will do everything I legally can to give Uncle Sam as little of my hard earned money as possible. If you want more government intervention in your…

Achieving Financial Independence, Counting Your Pennies, Goals-Based Planning, Investments, Policy and Your Money, Post-Retirement Planning

Fictitious Balance on Your 401k/IRA Account Statement

Your account balance carries a hidden surrender charge. Millions of working Americans contribute a percentage of their earnings to a 401k account while many also have IRA accounts, most of which were formerly 401k that were rolled over to…

Investments, Post-Retirement Planning, Tax Planning

Your IRA or 401k Balance is Not all Your's

Your IRA or 401k is partially yours and partially the property of the IRS. Unfortunately, the IRS doesn't tell you what they get until you make a withdrawal. RETIREMENT PLAN REALITY CHECK IRA Balance Marginal Tax Rates…

Child's Play, Investments, Tax Planning

Time is Running Out to Get 529 Plan Tax Write Off for 2019

Save for College & Save Taxes HURRY UP to get this done before year-end! Get your IL 529 College Savings Plan contribution in before year end and get a write off on your IL Income Tax Return. There are two plans to choose from in…