If you are in a High Deductible Health Insurance Plan (HDHP), you have access to one of the best retirement savings vehicles available today, the Health Savings Account. Yes, you read that correctly, in my opinion, your Health Savings Account, or HSA, is best thought of as a retirement account. [Read more…] about The HSA as a Retirement Account
One of the big tax law changes for 2018 is the doubling of the standard deduction. If you find yourself among the millions of Americans that who have itemized deductions in the past but will no longer need to, think about pulling some of your normally deductible activities forward into 2017. This way you may be able to one last time get the tax benefits you would otherwise lose. A couple of end of year tax ideas: [Read more…] about Miscellaneous End of Year Tax Stuff (short)
Many investors and financial advisors now employ a tax management strategy known as tax-loss selling or harvesting losses. Alternatively, some investors could also take advantage of harvesting gains but many of them don’t. I find this is usually because they don’t know about it or think they wouldn’t qualify for a 0% capital gains tax. [Read more…] about Harvesting Investment Gains
It inevitably seems like the week between Christmas and New Years becomes one big to-do list where we try to remember and then accomplish it all before the calendar flips.
At the risk of giving you more things to tackle, here are a few financial items to review. Some may help lower the tax bill while others are just good to do on an annual basis. [Read more…] about Year End Planning Items