MoneyView/Statewide Financial Group offers a number of Educational Resources, such as reports, newsletters and financial tidbits. Each are uniquely informational. You may request the reports and they will be e-mailed immediately to you. Tidbits are available on this site for your perusal and you can request a complimentary subscription to the Loose Change Newsletter. In addition, you may look up the definition of certain financial terms and discover how a certified financial planner differs from other financial professionals.
According to IRS rules, you’re probably going to be required to take a distribution on your IRA account and pay tax on that distribution. That could potentially mean any one of these two outcomes will greet you on your next “half birthday:”
Your income tax bill could be higher than it’s been in past years due to the fact that these distributions will add to your income.
The amount of your Social Security income subject to tax could be higher because the tax on your Social Security benefits is calculated using a complex formula that considers all income sources, INCLUDING required distributions from an IRA.
If you are interested in reading more about this subject please request this report:
Often, an existing written estate plan misses the mark because it’s boilerplate, situations have changed, desired outcomes weren’t completely defined when the plan was originally drafted, or an attorney or advisor wasn’t aware of these estate plan design possibilities.
For many taxpayers, all 3 of these statements have been true; but for a number of others they aren’t.
Depending on your tax bracket at the time that you made your IRA contribution and your tax bracket when you make an IRA withdrawal, you may actually be in a higher tax bracket when you take an IRA withdrawal than you were when you made the IRA contribution.
Due to the ever-evolving nature of tax rules, some taxpayers may be missing strategies that they could use to reduce taxes on their retirement accounts as well as other areas.
Fact is there are tax reduction strategies that many taxpayers could use. Often these taxpayers and their advisors are unaware that these tax reduction strategies exist at all.
If you’re a mutual fund investor, does this make a difference to you? It would to me. That's why there are strategies to gain greter returns on investments.
Loose Change Newsletter Sample Loose Change is an eight page newsletter and is published every two months. Only the first page is shown here. Please contact us to arrange a complimentary subscription:
Tax-deferred retirement plan offered by for-profit employers. Contributions are payroll deducted and vested immediately. Employer has option to match percentage of employee’s contribution.
Tax-deferred retirement plan generally offered by schools, hospitals, and other non-profit companies. Usually there is no matching contribution by employer.
Deferred compensation plan often available through governmental employers. A portion of current income is set aside for future use. This amount is tax-deferred.
A 412(i) is a qualified defined benefit plan funded with fixed annuities and, in some cases, life insurance. Generally, this plan is used by small employers who desire to substantially fund their own retirement without being responsible for employees.
An Annuity is an investment tool designed to provide income for either now or for sometime in the future.
A Bond is a loan to an issuer, which can be corporate, U.S. Treasury, or municipal. The issuer borrows money from an investor and pays interest on it. Interest is generally paid quarterly and there can can a gain or loss upon sale before maturity, due to fluctuating interest rates.
A legacy is wealth that has received proper management.
After tax (non-deductible contribution) account that grows tax-deferred and can later be considered tax free. Most people who employment income, whether self-employed or not, subject to income limits may be eligible for this IRA.
Simplified Employee Pension, similar to traditional IRA, but with higher income limits.
A Simple IRA is an IRA-based plan that allows small employers to make contributions toward their employees' retirement and their own retirement. Under a Simple IRA plan, employees may make salary reduction contributions while the employer makes matching or nonelective contributions.
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Securities offered through USA Advanced Planners, Inc. Member FINRA/SIPC. Advisory services offered through USA Wealth Management, LLC. Statewide Financial Group, Inc. is not affiliated with USA Advanced Planners, Inc. or USA Wealth Management, LLC.
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