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10 Ways That Taxes Are Changing in 2018

The new administration is bringing many changes to the country. President Trump recently signed a tax reform bill that will make the most significant changes to taxes that the United States has seen in 30 years. Here are 10 ways taxes are changing in 2018: The Marriage Penalty is Almost Gone In the previous tax legislation, whether two people were married would affect their tax bracket. President Trump’s tax reform bill prevents two people’s tax brackets from changing if they get married. The only people who have to pay the marriage penalty are couples who earn more than $400,000. Higher Standard Deduction and Eliminated...

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Why Millennials Need to Invest in Roth IRAs

The statistics show that Millennials are not investing nearly enough to be ready for retirement when the time comes. Roth IRAs offer millennial investors tax-free investment growth for years, and the requirements for tax-free and penalty-free withdrawals are relatively easy to meet. Millennial investors will benefit from investing in Roth IRAs now, as the rewards of these investments are almost always superior to traditional IRAs. Tax on the Front End One benefit of Roth IRAs is that it is taxed on the front end of the investment, rather than when you withdraw it. Millennials closer to the start of their career than...

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Do Roth Conversions Satisfy Required Minimum Distributions?

As the likelihood of higher tax rates increases, many proactive investors are looking to the Roth Conversion as a way to protect their retirement assets and plan for retirement. As they do so, one question sometimes arises: Does the amount that you convert to a Roth IRA count towards the Required Minimum Distribution?  The short answer is no. Here is an example: Let’s say you want to shift $30,000 from your IRA to your Roth in a given year. Let’s also say that in that same year, you have a Required Minimum Distribution of $20,000. Before you can do any Roth...

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Why You Need Short and Long-Term Tax Planning

When it comes to tax planning, retirees can’t only think about the short term or the long term. They must consider both for a financially secure future. To stay in sharp financial shape during the Golden Years, retirees need to understand the difference between annual and long-term tax planning, as well as the benefits of each in regards to retirement. Annual Tax Planning for Retirees Yearly tax planning, or coming up with your strategy during autumn of each year for the following tax season, is important for uncovering attractive tax opportunities. For example, you can realize capital losses, or an investment that...

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Tax Benefits of Rolling Your 401(k) Into an IRA

Your company’s 401(k) retirement plan is a great investment choice. However, there are many good reasons to consider rolling your 401(k)-retirement plan into an IRA. The process is simple, and you may find some tax benefits for making the switch. Understanding your options and the possible tax implications can help you make a well-informed decision. Less Confusing Rules One issue with a 401(k) plan is there is little to no standardization, meaning your 401(k) has the potential to work in a way completely different from the way your friend's, who is employed at another business, 401(k) works. Even if you have a...

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3 Options for Rolling Over Your 401(k) to an IRA

There are many reasons why you may be considering rolling over your 401(k) to an Individual Retirement Account (IRA). First, you may be looking to expand your options for investing. Second, you can consolidate multiple 401(k)s into one investment platform for saving on investment fees and lastly you have control of your investments and not your previous employer. Regardless of the reason, choosing the best fit for your investment will require understanding the options and their available benefits. Below we have compiled a helpful guide to choose which option may be best for your unique needs: Traditional 401(k) to Traditional IRA Your options...

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5 Ways to Pay Fewer Taxes in 2018

Death and taxes are the only things that are certain, and your obligation to Uncle Sam continues even after you retire. When what you’ve saved needs to last the rest of your life, you don’t want to give away any more than you have to. Discover sound tax strategies to pay fewer taxes in 2018. Understand Social Security Taxation Social Security laws relating to benefit taxation haven’t been adjusted for inflation since they were implemented in 1983. Individuals pay taxes on benefits when their income is $25,000 or more a year. Couples pay when their joint income is $32,000 or more. If you...

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5 Financial Planning Tips for Retirement

As if there weren’t enough plans you have to make for retirement, don’t forget to account for tax payments. Even seasoned retirement advisors can forget about tax liability - exposing themselves to financial risks and hardships during what should be the golden years. As a retiree or someone close to retiring, use these financial planning tips to stay financially secure leading up to retirement and far into the future. Accurately Estimate Tax Payments Whether you plan on living off of a pension, Social Security benefits, individual retirement accounts, or some other source of income, you need to look at the big picture....

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2017 4th Quarter Market Review – Virtue Capital Management

Global Economic Review The bull market that had been dubbed “the bull market everyone hates” has extended into the second longest and third strongest bull market in United States history.  Although this economic recovery has been the most tepid since the Great Depression, 2017 ended with surprising global economic activity to the upside, and global earnings growth following a similar trend. U.S. GDP registered consecutive 3% quarterly tallies, and, because of the stimulative year-end tax package, economists raised expectations for 2018 economic growth. In response to the resurgence in the economy, the Fed raised interest rates at the December FOMC meeting,...

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Act Now to Save on Taxes before This Key Deduction is Lost

While Congress usually doesn’t accomplish much near the Christmas break, there are some indications that a new tax plan may reach the President’s desk before the end of the year. Even if an agreement is not reached until early January, it is likely that the tax bill would be made retroactive to January 1st, and so effective for the entirety of 2018. Two key deductions may be going away or facing new limitations as a result of this tax bill, but there is action you can take before the end of the year to save money. It is always best to...

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