Recent posts in the ‘taxes’ Category

There’s a savings vehicle in which all earnings, appreciation, and interest can be free of income tax forever. If the rules are met, there’s no RMD to be taken, no income tax due on withdrawals, and, while the account assets are included in your estate, withdrawals by your beneficiaries can also be tax-free. It hasn’t been available to everyone because of income limits, but it soon will be.

I’m speaking about the Roth IRA, of course. Until now, higher-income taxpayers ($100,000 modified adjusted gross income or higher) couldn’t convert their savings from a traditional IRA to a Roth. But that’s about to change.

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Ben Franklin definitely had it right when he said that nothing is certain except death and taxes. And you can be sure that as we get closer to the end of the year, we’ll hear lots of discussions on tax planning.

Usually, we read about potential tax legislation along with warnings to avoid making any major financial decisions until the ink is dry. But is this time different? As Laura Saunders stated succinctly in a recent Wall Street Journal article, “tax increases are coming.”

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