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Roth IRA

What’s in the SECURE 2.0 Act?

Submitted by Desmond Wealth Management, Inc. on January 31st, 2023

The original SECURE Act was signed into law on December 20th, 2019. Its “sequel,” the SECURE 2.0 Act, was similarly enacted at year-end on December 29th, 2022.

Tags:
  • 401(k)
  • 529 Plans
  • Emergency Fund
  • Financial Planning
  • Retirement
  • Roth IRA
  • Savings
  • Traditional IRA
  • Read more

Last-Minute Year-End Tax Strategies

Submitted by Desmond Wealth Management, Inc. on December 4th, 2022

The purpose of this article is to get the IRS to owe you money.

Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.

 

Tags:
  • 401(k)
  • Business
  • Charitable Giving
  • Children
  • Financial
  • investment
  • IRS Safe Harbor
  • Retirement
  • Roth IRA
  • Tax Deductions
  • Tax Planning
  • Tax Reductions
  • tax return
  • Year-End
  • Read more

Managing Gains and Losses in a Turbulent Year   

Submitted by Desmond Wealth Management, Inc. on November 15th, 2022

It's been a rough Fall for the stock market - so much so that you should probably carefully review your portfolio and other capital transactions to minimize gains or maximize losses for the year. Remember, capital gains and losses are not just limited to stock transactions. For example, stock losses can offset the gain from the sale of a rental.

Tags:
  • Financial
  • investment
  • Roth IRA
  • Tax Planning
  • Tax Reductions
  • Year-End
  • Read more

Summer Employment for Your Child

Submitted by Desmond Wealth Management, Inc. on May 11th, 2022

Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their earnings.

Tags:
  • Business
  • Children
  • Retirement
  • Roth IRA
  • Tax Reductions
  • tax return
  • Traditional IRA
  • Read more

Tax Planning in Turbulent Times Part 1: The Tools of the Tax-Planning Trade

Submitted by Desmond Wealth Management, Inc. on October 16th, 2021

Whether you’re saving, investing, spending, bequeathing or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome. No wonder people get nervous when there’s lots of talk about higher taxes, but little certainty on what may come of it, and who it might affect. 

Tags:
  • 401(k)
  • 529 Plans
  • DAF (Donor-Advised Fund)
  • Emergency Fund
  • Estate Planning
  • Financial Planning
  • HSA (Healthcare Savings Account)
  • Retirement
  • Roth IRA
  • Tax Planning
  • Traditional IRA
  • Read more

Tax Issues to Be Aware of as Year-End Approaches

Submitted by Desmond Wealth Management, Inc. on December 16th, 2020

It seems hard to believe, but the holiday season is almost upon us, and that means that the 2020 tax preparation season will soon follow. With the end of the tax year just weeks away, it may be appropriate (especially this year, in light of the financial havoc created by COVID-19) to review some year-end tax issues that might reduce your tax bite for 2020 or provide long-term tax benefits.

Tags:
  • Charitable Giving
  • Roth IRA
  • Tax Deductions
  • tax return
  • Traditional IRA
  • Year-End
  • Read more

You, Your Retirement and the SECURE Act

Submitted by Desmond Wealth Management, Inc. on February 16th, 2020

You may have missed the news – buried in a much bigger spending bill and passed in the thick of the holiday season, but after months of nearly bringing it to the finish line, it’s now official: On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law.

Tags:
  • Roth IRA
  • Read more

Roth IRA Versus Traditional IRA: Which Is Better for You?

Submitted by Desmond Wealth Management, Inc. on September 14th, 2019

Roth IRAs tend to get a lot of hype and for good reason. Because you pay the taxes up front, your eventual withdrawals (assuming you meet the age and holding-period requirements — more on these below) are completely tax-free.

Tags:
  • Retirement
  • Roth IRA
  • Read more

Tax Traps to Avoid in Retirement

Submitted by Desmond Wealth Management, Inc. on January 28th, 2019

“Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.”

It’s a quote that comes to us from Benjamin Franklin, who uttered the phrase in 1789.

Tags:
  • Retirement
  • Roth IRA
  • Read more

Is Now the Time to Convert your IRA into a Roth?

Submitted by Desmond Wealth Management, Inc. on March 5th, 2018

There are many different ways you can shelter your savings from taxes. It is a powerful incentive for us to save for retirement.

Options give us choices, but choices can confuse as options proliferate.

Tags:
  • Portfolio goals
  • Retirement
  • Roth IRA
  • Read more
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