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
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!
The Pro-Rata Rule for Backdoor Roth IRA’s
There is no bigger proponent of Roth IRAs than yours truly. If compound interest is the 8th wonder of the world, tax-free growth inside a Roth IRA is, to me, the 9th. My blog post, Explaining Backdoor Roth IRAs, remains our most popular post ever (by a long shot) and for good reason Continue reading
How to prioritize savings choices
“…when we finally step across the threshold of retirement—our financial lives essentially shrink Continue reading
Can I contribute to both a 401(k) and an IRA?
Yes. A 401(k) is an employer retirement plan. An IRA is an individual retirement account. Continue reading
Which is better: SEP IRA or a Solo 401k?
Given that the contribution limits are the same for either account, should you set up a SEP IRA or a Solo-401k for your locums or side hustle income? Continue reading
How to review your 401k or 403b
Maybe you think your 401k plan comes free of charge, but it doesn’t. The dirty little secret Continue reading
How to find an old 401k
The average American will change jobs between 11 to 15 times in their lifetime. What if Continue reading
What to do with an old 401k part 2
When you change jobs, you can take one of 4 actions with your 401k: roll out to an IRA, roll Continue reading
What to do with an old 401k part 1
Depending upon your age, you can expect to change jobs 11 – 15 times in your career. Continue reading