Brown, Jeff
If the foreign income exclusion is claimed, then the taxpayer may not claim any business deductions that are allocable to the excluded income — foreign taxes paid on the excluded income cannot be claimed either as a credit or a deduction, and neither traditional nor Roth IRA contributions can ...
You have a bigger pool of tax-free assets and you get to control when you recognize taxable income by the draws you take from the pre-tax account,” says Knight. Of course, this is speculation, and there m...
he wanted to be free of debt and felt tempted to finish making monthly payments for the loan. He makes good income and is very disciplined about expenses, so paying the remaining balance would not cause any financial burden to him, and neither would maintain the monthly payments. His main ...
I use the term “our” because although we have done this with one income, I am married, and my lovely wife and I are partners in all things, including our pooled nest egg. While she has contributed little in terms of income, she contributes immensely to our household, and has done ...
For households with low tax burden and/or low earned income, getting the maximum Child Tax Credit benefit requires intentionally increasing the amount of tax owed. The CTC can then reduce this back to low/zero. The common early retirement tax minimization tools of Roth conversions and Capital ga...
and Income Tax issues and concerns. In addition to this blog, you’ll find Jim’s writings all around the internet, as he is a regular contributor toForbes.com,TheStreet.com, andFiGuide. Several other sites also republish his work. ...
With 70% in Deferred accounts, you might want to sit down with a retirement planner or CPA and seriously consider moving some of your money into a Roth IRA. Pay the taxes on it now and have tax free income for the rest of your life that can also be passed on to heirs and remain ...