I can’t count how many discussions I’ve been involved in when clients/prospects/WCI forum readers have brought up the need to set up an LLC for their side hustle. Tax advisors seem to thrive on recommending clients use an LLC whenever a professional has a smidgeon of side income, but that may not be the correct choice. Continue reading
Tips on Raising Financially Independent Children [Video]
We searched our Vlog archives to unearth some hidden treasures. In this oldie but goodie, Johanna shares her personal success story on raising her sons to be financially independent.
It hasn’t all been success, though. In this video, Johanna refers to the post Money Mistakes I’ve Made, where she bares her soul to show that we all have a “history”.
If you’re interested in scheduling a free initial consult with us, click here (do not use the link listed in the video).
IRAs and backdoor Roths [VIDEO]
Have you been told that you can’t do a backdoor Roth IRA? It may not be as elusive as you originally thought. Check out Michelle’s vlog to see if these options fit you.
Also, read Johanna’s companion post How to Set-up a Backdoor Roth
Planning to Maximize Your Section 199A Deduction
TCJA (Tax Cuts and Jobs Act) 2017 took away employee business expenses, along with much of our ability to itemize. In particular, we can now deduct mortgage interest on only $750k of debt and are limited to a deduction of $10k/yr. for SALT deductions. On a positive note, the Pease Limitation – which reduced itemized deductions for high earners, is gone along with AMT for most high-income taxpayers. Continue reading
Instructions for Backdoor Roth IRA’s
Backdoor Roth IRAs are a frequently-discussed topic on physician blogs and social media sites. But most conversations assume you understand basic investing concepts that many novice investors don’t. I’ve written this post as a reference guide for anyone who needs help with the mechanics on how to set up a backdoor Roth IRA. Continue reading
What to do with orphaned retirement accounts
What do you do with your retirement accounts when you change jobs? This is a common question on WCI, and the good news is that you have many options! What you choose to do depends, as always, on your goals, current situation, and priorities. Continue reading
What do you need to know about your SPD?[VIDEO]
Your Summary Plan Description (SPD) is the rule book for all retirement accounts offered to you by your employer. Sadly, many employees do not know how to read their SPD or its importance. In this month’s video, Michelle gives you important features to look for in your employer’s SPD.
Also read Johanna’s companion blog post, It’s Open Season!
It’s Open Season!
Annual open enrollment for benefit plans typically begins on November 1. Everyone should spend 30 minutes annually on a review of your current and available benefits. If you hate waiting in an endless phone loop when you need an answer about your insurance or retirement, Continue reading
All About Rebalancing
Financial planning includes financial education. We believe that, for optimal investment results, an investor should commit to a chosen portfolio allocation. We refer to this allocation as a “well diversified, balanced portfolio”. Rebalancing is the process of bringing your portfolio back to the original asset allocations you have set for it. Continue reading
How to Grow Your Roth IRA
In my last Doctor Dilemma, How Should You Allocate Savings?, I discussed a different kind of investment strategy: taxation of withdrawals. Because we recommend allocating ~1/3 of investable assets to Roth accounts, we are regularly asked how that is possible for a high-income professional. Continue reading