President Biden is pushing an agenda of raising taxes on corporations and the wealthy to help fund proposed bills for infrastructure and social safety net programs.Under his plans, the corporate tax rate could increase from its current rate of 21% to between 25% and 28%, and the long-term capital gains tax rate could rise from 20% to 39.6% for anyone making more than $1 million … [Read more...] about 7 Ways to Prepare for Higher Taxes
Roth IRA
I retired. How much can I save to my Roth IRA?
Q. I retired in January 2021. I grossed $4,300 and I have not worked since. How much can I contribute to my existing Roth IRA for 2021?— Love to saveA. We love seeing people save for retirement.You can make a contribution because you had earned income during the year.For 2021, the maximum contribution to a Roth IRA is the lesser of your earned compensation for the year or … [Read more...] about I retired. How much can I save to my Roth IRA?
Financial Focus: Is Roth IRA better for young workers? | Lifestyles
If you’re in the early stages of your career, you’re probably not thinking much about retirement. Nonetheless, it’s never too soon to start preparing for it, as time may be your most valuable asset. So, you may want to consider retirement savings vehicles, one of which is an IRA. Depending on your income, you might have the choice between a traditional IRA and a Roth IRA. Which … [Read more...] about Financial Focus: Is Roth IRA better for young workers? | Lifestyles
Will New Rules For Crypto Tax Reporting Accelerate Use of Crypto Retirement Accounts? – SmartAsset
Coins of various cryptocurrencies. The $1 trillion federal infrastructure bill aims to change how transactions are reported.A provision of the $1 trillion federal infrastructure bill would tighten the rules of how cryptocurrency transactions are reported, potentially prompting investors to rethink how and where they store their digital assets. If you’re integrating crypto into … [Read more...] about Will New Rules For Crypto Tax Reporting Accelerate Use of Crypto Retirement Accounts? – SmartAsset
Annuity Vs. IRA: What’s The Difference?
Retirement planning can often be a challenging and confusing process. Complex products and financial jargon make what should be a simple endeavor seem downright tortuous. Many investors turn to annuities and IRAs to plan for retirement. Let’s look at some of the key advantages and differences between these two popular options.What is an IRA?An IRA, or individual retirement … [Read more...] about Annuity Vs. IRA: What’s The Difference?