Backdoor Roth IRA?

Backdoor Roth IRA?

What is a Backdoor Roth and should I walk through it? If your income is too high to contribute directly to a Roth IRA, you may be a good candidate for using the Backdoor Roth strategy. There are some trap doors though! To learn more, start by reading this...
Basic Financial Plan

Basic Financial Plan

If you can faithfully do these four things over a long period of time, you will have done your part to put yourself in a good financial position:   Take on no personal debt (other than a reasonable home mortgage). This includes paying cash for vehicles and paying...
Traditional IRA or Roth IRA?

Traditional IRA or Roth IRA?

Traditional: Tax deduction today, investment grows tax-deferred, distributions at retirement come out as taxable income. Roth: No tax deduction today, investment grows tax-free, distributions at retirement come out completely tax-free. General Rule: The younger you...
Retirement Savings Contributions Credit

Retirement Savings Contributions Credit

Did you know you can get a tax deduction and/or tax credit for making a retirement plan contribution? Contributions to your Traditional and/or Roth IRAs can generally be made up until the tax filing deadline for the prior tax year. You can read more about the...
Qualified Charitable Distributions (QCD)

Qualified Charitable Distributions (QCD)

If you are over 70.5 years old, have money in a Traditional IRA and want to strategically give money to a charitable organization, you should strongly consider making your donation via a Qualified Charitable Distribution (QCD). This is one of the most tax-efficient...
Planning for College

Planning for College

Everyone knows college is expensive, but there are a number of different strategies to help offset some of the cost of college. From a tax perspective, the IRS has compiled a number of helpful resources. For Nebraska residents, Education Quest is a great resource for...