As you grow and manage your wealth, consider these five tax-efficient investment strategies that could help optimize returns and minimize your tax burden. 1. Strategic Account Selection Strategically placing your assets in different types of accounts is a foundational principle of a tax-efficient investment strategy. This can involve using tax-deferred accounts, taxable accounts, and tax-free…
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Is Your Retirement Income Plan Tax-Efficient? Strategies to Consider
Managing income during retirement is often less straightforward than it was during working years. Instead of accumulating wealth, you’re now spending that hard-earned nest egg. By implementing effective tax strategies, you can potentially reduce your tax burden and maximize your retirement income. The Power of Tax Diversification Tax diversification involves spreading your savings across accounts…
Simple Strategies for Tax-Intelligent Cash Flow
When it comes to managing your finances, even small decisions can make a big difference. By understanding your cash flow and approaching it with a strategic, tax-intelligent mindset, you can make your money work harder for you and move closer to your long-term goals. What Is Cash Flow and How Do You Calculate It? Cash…
Can You Take Advantage of a Net Unrealized Appreciation (NUA) Strategy?
Many companies offer employer-issued stock as a benefit, in addition to other compensation and benefits. But what happens if you leave a job that offered you employer-issued stock or if you experience another triggering life event (such as turning 59½)? That’s where net unrealized appreciation (NUA) strategies come in. There are a few favorable rules…
What is a 1031 Exchange?
If you want to add investment real estate to your diversified portfolio, you’re going to want to know what a 1031 Exchange is. While the rules and regulations for this tactic can get complicated, understanding the basic concepts will help you decide if this strategy is right for you. Let’s look at what a 1031…
Will Power
Only one-third of adults have a will in place, which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.1 But a will is an instrument of power. Creating one gives you control over the distribution of…
A Taxing Story: Capital Gains and Losses
Chris Rock once remarked, “You don’t pay taxes – they take taxes.”1 That applies not only to income, but also to capital gains. Capital gains result when an individual sells an investment for an amount greater than their purchase price. Capital gains are categorized as short-term gains (a gain realized on an asset held one year…
Claiming the Medical Expenses Tax Deduction
In a given year, relatively few Americans take advantage of the federal income tax deduction for unreimbursed medical expenses. But if an illness or hospitalization in the family has led to an abrupt rise in your out-of-pocket health care expenses, you may find you qualify for some relief at tax time. Beyond the usual remittances…