Tag Archives | tax

Fictitious Balance on Your 401k/IRA Account Statement

Your account balance carries a hidden surrender charge. Millions of working Americans contribute a percentage of their earnings to a 401k account while many also have IRA accounts, most of which were formerly 401k that were rolled over to IRA’s. While some people follow the daily moves of their account balances, other wait patiently for […]

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What’s your Tax Freedom Day?

Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. A vivid, calendar-based illustration of the cost of government, Tax Freedom Day divides all federal, state, and local taxes by the nation’s income. In 2014, Americans will pay $3 trillion […]

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Your IRA or 401k Balance is Not all Your’s

Your IRA or 401k is partially yours and partially the property of the IRS. Unfortunately, the IRS doesn’t tell you what they get until you make a withdrawal. RETIREMENT PLAN REALITY CHECK IRA Balance               Marginal Tax Rates               Yours       […]

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Romney Wins – Then What?

When Romney Wins – Then What? Since Mr. Romney is well positioned to win the presidential election, I’ll take a few minutes to explain what I think might happen if Governor Romney is elected the 44th President of the United States. If Republicans also win both houses of Congress, expect there to be quite a […]

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Free EBook – Pay Tax Once and be Done With It

I have just written my first EBook.  The concept is simple: read about the nine ways I invest my money and advise my clients to invest theirs so they can minimize or avoid paying tax altogether. I think income tax rates will eventually go higher, meaning it will be wise to invest in vehicles that […]

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Time is Running Out to Get 529 Plan Tax Write Off for 2011

Save for College & Save Taxes HURRY UP to get this done before year-end!   Get your IL 529 College Savings Plan contribution in before year end and get a write off on your IL Income Tax Return.    There are two plans to choose from in IL (Bright Directions and Bright Start).  I use Bright […]

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