HOW THE ULTRA-WEALTHY PAY LITTLE TO NO INCOME TAX
Recently, a report by Propublica revealed that the richest Americans do not pay federal income tax at nearly the same rate average Americans do. How does this happen? What legal pathways do these ultra-wealthy Americans take advantage of to ultimately pay so little in taxes? These are the questions many ordinary Americans are asking.This works because the […]
HOW TO CHOOSE THE RIGHT SOUTH CAROLINA STATE RETIREMENT PLAN
To choose the best South Carolina state retirement plan our CERTIFIED FINANCIAL PLANNER™ practitioners analyze your goals, retirement horizon, appetite for risk, cashflow and many other factors while constructing your personalized financial plan. If you would like to learn more about developing a comprehensive financial plan, reach out to Oak Street Advisors today Employees of the […]
Two Reasons to Never Convert All of Your Traditional or Rollover IRAs to a Roth IRA
Converting funds from a tax-deferred Rollover or Traditional IRA to a tax-free Roth IRA in retirement can be a smart move for managing your total income tax bill. Often, Roth conversions can be accomplished in lower tax brackets, protecting you from possibly higher brackets in the future and minimizing the income tax bite of Required […]
Sell Off or Stay the Course? When to Re-Evaluate Your Investment Portfolio
Are you staying awake at night worrying about the state of your stock investing? Our fee-only Certified Financial Planner has sound investment advice on when you should revisit your financial plan and when you should simply roll over, plump your pillow, and go back to getting some much-needed rest. It has been a truly turbulent year […]
How to Take Tax-Free Qualified Charitable Distributions from Your IRA
If you’re age 72 or older you probably know you must begin taking distributions from your IRA — whether you want to or not. The IRS life expectancy tables determine your Required Minimum Distribution (RMD) based on the previous years ending balance for your IRA and your attained age for the tax year. The Qualified […]
How Business Owners Can Save On Their Income Taxes With the Qualified Business Income Deduction
The recent income tax revamp has made income tax planning early in the year a must for many self-employed professionals. The ability to take a 20% deduction of business income, available for single filers with income below $164,900 for 2021 and married filers with income below $329,800, is too good to pass up. Filers with […]
How a Health Savings Account (HSA) Works
A health savings account is a tax-deductible savings plan for individuals covered by a qualified High-Deductible Health Plan (HDHP). This program allows for tax deductible contributions to a special account that allows you to pay for expenses your insurance plan does not cover with pretax and tax-free dollars. Eligibility A high deductible plan for 2021 […]
The Importance of a Roth IRA
Roth IRA accounts have been available since 1997. Unlike a Traditional IRA, Roth IRA contributions are taxed in the year of the contribution but never taxed again if certain requirements are met. If you are a single filer with gross income of up to $52,525 or joint filers with gross income of up to $105,050 […]
Are Preferred Stocks a Good Investment?
Many investors love the Federally tax-free income they receive from municipal bonds. Municipal bonds are debt securities issued by state and local governments to fund operations or special projects. Because the income an investor receives is not taxed, the after-tax return of municipal debt is often higher than the after-tax income provided by corporate bonds […]
When Is the Right Time to Retire?
Get Your Financials in Order, Gain Financial Freedom, and Get the Most Out of Retirement Budgeting for retirement is based on a projected retirement date. But when most people start their retirement income planning, they may not be sure exactly when they will want to step away from their job—and as they age, their planning for […]
