Posts by Stephen Smalenberger, EA
Traditional IRA/401(k) & Roth IRA/401(k) Which is best? [Video]
How do you decide between a Traditional IRA/401(k) & Roth IRA/401(k)? In a prior video we talked about the three different types of account registrations to decide between when saving: Taxable, Tax-Deferred, and Tax-Free. Let’s focus on tax deferred and tax free. Both of those are retirement focused so let’s walk through how much you…
Read More[Video] How Tax-Free Accounts Work
STEPHEN SMALENBERGER, EA There are only three types of accounts: Taxable Tax-Deferred Tax-Free We focused on the first two types already. Let’s focus on the last, Tax-Free. The accounts in this registration category include the following: Roth IRA Roth 401(k) Roth 403(b) Roth 457 Roth Thrift Savings Plan (TSP) The word Roth is really important…
Read More[Video] How Tax-Deferred Accounts Work
STEPHEN SMALENBERGER, EA There are only three types of accounts: Taxable Tax-Deferred Tax-Free We focused on the Taxable accounts last time. Let’s jump in now and look at the second, Tax-Deferred. The accounts in this registration category include the following: Traditional IRA Traditional 401(k) Traditional 403(b) Traditional 457 Thrift Savings Plan The movement of money…
Read More[Video] How Taxable Accounts Work
STEPHEN SMALENBERGER, EA There are only three types of accounts: Taxable Tax-Deferred Tax-Free Let’s jump in and look at the first, Taxable. The accounts in this registration category include the following: Checking Savings Individual Joint Trust The movement of money within the type of account is seen below: Who are…
Read MoreFriday’s Financial Update 7-7-2017
STEPHEN SMALENBERGER, EA The State of Illinois has been operating without a budget for over two years… 736 days to be exact. That all changed yesterday as the members of the Illinois House of Representatives passed into law the largest permanent tax rate increase in state history. This came only after successfully overriding Governor Bruce…
Read More[Video] How Long Should I Keep My Tax Returns & Documents?
STEPHEN SMALENBERGER, EA How Long Should I Keep My Tax Returns & Documents? The question I hear a lot, especially this time of year, is how long should I hang on to my tax returns, tax documents like W-2s and 1099s? Essentially, as long as the Statute of Limitations is in effect. Statute of Limitations…
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