Year-End Stressors and how to mitigate according to this Psychology Today article.
Year-End Financial and Tax considerations and tips.
Taking income this year vs. next year: We usually defer to the principle that it’s better to pay the income taxes later. There are rare instances where it makes sense to prepay. Talk to your financial advisor to learn if converting your traditional IRA to a Roth IRA is the right move to you.
Roth IRA is an account that will grow tax-free – no income tax paid on dividends, interest, capital gains, etc. – because it’s a qualified account. When you pull the money out after years – hopefully decades – of compounding tax-free, you don’t pay taxes on any of the money you withdraw. When this option became offered in 1998, it created a great deal of revenue for the government.
Back Door Roth: Make a contribution to a traditional IRA and immediately convert it to a Roth IRA.
Bob also answers listener questions about Roth Conversions vs. Roth Contributions and “bunching” itemized deductions into a single tax year. You can also use bunching as a strategy to harvest capital losses to offset gain. Keep in mind the “wash sale rule” when it comes to capital losses.
Connect with the Mainstay Financial Group at their website here:
Tara DeAguilera, Volunteer and Outreach Coordinator joins PEP Talk with Meg on "Frisky Friday' to discuss the services provided by the Santa Rosa County...
Kerri Smayda, Associate Executive Director, joins PEP Talk with Meg to talk about the services provided by Manna Food Pantries. To donate food or...
Todd Thomson, President/CEO of the Greater Penscola Chamber of Commerce joins PEP Talk with Meg to host: "The Chamber Connection". This week Todd talks...
