Tax
[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…
[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…
Friday’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…
[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…
What’s In Your Toolbox? (Part 4)
Over the last several blog entries, we have reviewed the details within the various types of accounts and learned how and when they are taxed. To finish this series, let’s look at the final grouping: The Roth IRA was named after William Roth, a senator from the state of Delaware. He was the main…
What’s In Your Toolbox? (Part 3)
In the last blog entry What’s In Your Toolbox? (Part 2), we learned about the various types of taxable accounts and how the investment growth is taxed when earned. Let’s turn our attention, today, to the next group of accounts in order to better understand the value these bring to our “toolbox” of options….
