1. How to Strategically Convert Your Traditional IRA or 401K to a Roth IRA Part One:
First off, in this thread, I'm going to explain briefly what a Roth IRA is and why you might want to convert to one, and then in the next thread, I'll show you the most efficient way to do it.
2. So....what exactly IS a Roth IRA?
Well, there are 3 phases of taxation on your money if you're saving for retirement:
1. The Contribution phase 2. The Accumulation phase 3. The Distribution phase
3. With good tax planning, you can save taxes on 2 of the 3 phases.
With a traditional IRA, SEP plan, 403b or 401k, you save money on the first 2 areas:
You don't pay taxes on your contribution, and your money grows tax free.
2. In this part, I'll toss out a few more tips, and then tomorrow or Friday, I'll wrap up with how to avoid getting audited.
Here are a few more questions to ask a tax professional that you're thinking of using:
3. Question #11
Are your returns computerized?
Seriously, this isn't the dark ages, and manually prepared returns CAN be more likely to get flagged because people can't do math to save their lives anymore.
So, you want someone who uses computer software to prepare your stuff.
Dr. Dre's divorce cost him almost a billion dollars (800 million to be exact).
Gates and Bezos' divorces cost even more.
Remember, you're entering into a BUSINESS contract with the state and the other person.
Tread carefully.
BTW, I'm not anti-marriage at all.
However, who I chose at 40 was completely different than who I chose in my 20's.
In fact, I'll even have a short video on this for you guys tomorrow.
If you enjoy this video, and want to completely overhaul your understanding about money, from top to bottom, you will LOVE my course Financial Mastery. Check it out here:
1. How to select a Tax Professional that works for YOU, not the IRS....
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One of the questions I got a month ago was how to select a tax professional, so I thought I'd put some of the top questions to ask to make sure you're paying the LEAST amount possible.
2. First off, here is something really important to understand:
If you make more than $50,000 as a single individual or $104,250 as a married couple, you ARE a target for higher taxes.
In fact, the Tax Foundation released research that 60% of us will pay higher taxes soon
3. Even though they say taxes are going up only for the 'rich', the analysis shows that a lot more than the rich are going to be affected.
Just like I tried to warn everybody.
Anyway, keeping more of YOUR money should be your goal, so that is what we're going to talk about.
1. If you're looking for a car, and are on a strict budget, @forbes put together a solid list of cars and SUV's that you can lease for under $200 a month.
Here is the list:
2. 2021 Cars Under $200/Month
Honda Civic Sedan: $169/month for 36 months with $2,999 due at signing.
Honda Civic Hatchback: $189/month for 36 months with $3,299 due at signing.
Hyundai Elantra: $159/month for 36 months with $2,899 due at signing.
3.
Hyundai Elantra Hybrid: $179/month for 36 months with $2,899 due at signing.
Hyundai Ioniq Hybrid: $189/month for 36 months with $1,999 due at signing.
Hyundai Sonata: $169/month for 36 months with $2,899 due at signing