Tax Strategies

Can I Have Multiple 401k Profit-Sharing Plan Accounts?

Most professionals only have one job. But it’s becoming increasingly common for Americans to have separate income streams. If you have two or more employers, this can mean having two separate retirement accounts. It’s legal to have multiple 401k accounts. In fact, in a select few professions, it’s quite common. But there are limiting factors …

Can I Have Multiple 401k Profit-Sharing Plan Accounts? Read More »

Want A Tax-Free Roth Conversion While Donating To Charity? Here’s How!

Before 2010, most people could not afford to convert an IRA into a Roth IRA. After 2010, the income restrictions that stopped them from doing so were scrapped. But one thing that hasn’t changed is that Roth IRA contributions typically trigger a taxable event. There are few ways of getting around this taxable event: IRA …

Want A Tax-Free Roth Conversion While Donating To Charity? Here’s How! Read More »

Job Duties for Your Child

Below are starting ideas for jobs a minor can perform. Of course, some jobs are dependent on age and skills. Some jobs are a great way of learning new skills that can be applied to their education! Janitor – cleaning, emptying trash, etc Scan receipts and save them in digital format (google drive, dropbox, etc)  …

Job Duties for Your Child Read More »

How to use Passive Income Generators (PIGs) to offset Passive Losses

Taxpayers with high ordinary incomes are highly taxed. If you’re a high-net-worth earner, you’ve likely diverted some of your income into investments. The most common investment type for those in this situation is real estate. Passive income is taxed with a different set of rules than the ones surrounding your ordinary income. Passive income tax …

How to use Passive Income Generators (PIGs) to offset Passive Losses Read More »