Blog – Tax Planning – Page 4 – Planning with Purpose

Blog – Tax Planning

June 18, 2020

Required Minimum Distributions (RMD)

Required Minimum Distributions (RMDs) have been in the financial news a lot lately. There is much confusion about RMDs and hopefully, we can clear some of that up.

June 15, 2020

Required Minimum Distribution changes

We get questions on what an RMD is: all I can take, how is the amount determined, do I have to take out of each account, etc.

April 30, 2020

Roth Conversions

Roth conversions are a means of paying the taxes on retirement accounts that are currently tax-deferred. Tax-deferred means I am not paying taxes now and I will have to pay taxes in the future. Roth conversions allow you to pay taxes based on the value of the account today. In the future, the account will […]

April 28, 2020

IRS scam alerts – Dos and Don’ts

With so many people working at home and/or out-of-work due to Covid-19, we are hearing about an uptick in scams. These scams range from calls indicating a balance due with IRS that needs to be paid immediately or face arrest to having your social security number canceled or suspended.

April 23, 2020

Roth versus Pre-tax and Traditional Contributions

Those of you who already work with Planning with Purpose understand that we are huge proponents of Roth accounts. Do you really understand the reasons why?

April 16, 2020

Taxable, Tax Deferred, Tax-Free: What is the Difference?

We often hear questions and see confusion regarding the terms taxable, tax deferred and tax-free.

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There is no guarantee that these investment strategies will work under all market conditions. Each investor should evaluate their ability to invest on a long-term basis, especially during periods of downturns in the market.