I’ve mentioned before that some of us don’t have retirement plans. Because of this, a few members of our elite demographic may not be aware of the difference between a Traditional IRA and a Roth IRA (I’m not even getting into backdoor, SEP or SIMPLE IRAs here). In case you don’t know (and this will… Read More
The passage of the new tax bill is a golden opportunity for you to convert your traditional individual retirement account into a ROTH IRA. Why? The bill reduced multiple individual income tax brackets, so if you convert your traditional IRA to a ROTH and immediately pay taxes on those funds, “you will be paying at a… Read More
One of the biggest surprises in the new tax is that of Alimony: Effective 2019 Alimony is no longer deductible by the payer spouse and includible in income by the recipient spouse. This rule only applies for divorce or separation instruments executed on or before December 3, 2018 but modified after that date to include… Read More