Financial Education

Tim discusses four common misconceptions about aging that can negatively impact individuals' mental, physical, and emotional well-being.

Knowing how to navigate capital gains tax rules can literally save you thousands of dollars immediately and tens of thousands, if not millions, over the long haul!

Tim discusses a little-known benefit in the US tax code: the 0% tax rate on investment income. Certain individuals may pay no taxes on capital gains from taxable investment accounts.

In this short YouTube video, Tim describes what the widow's or widower's tax is. With careful tax planning, you can avoid this this extra tax hit at an already difficult time in your life.

Tim talks about how to reduce your lifetime tax liability by using Roth IRA conversions, how to get more money into a Roth IRA with a “backdoor Roth,” and how to use a Roth IRA for college savings.

In this podcast episode and on YouTube, I talk about how asset location can be combined with your desired asset allocation to reduce your taxable income.

Tim expertly covers the three main types of accounts and their tax implications with capital gains. He also explores tax loss harvesting and the potential tax burdens of passing different types of accounts to beneficiaries.

Tim discusses the taxation of Social Security income and highlights the provisional income formula. He also discusses how adjusted gross income can affect Medicare premiums.

Changes in RMD ages provide more "gap years" for tax planning, allowing individuals to lower their lifetime tax liability. We also look at how capital gains on mutual funds affect taxes in retirement.

By implementing tax planning strategies, you can make informed decisions that maximize your retirement income and minimize your tax burden.

The U.S. income tax code has always had seven tax brackets based on income level, but the rates have fluxuated based on economic policies, political agendas, and societal needs.

Are you worried about the looming threat of a retirement tax bomb? In this short video, I'll explore what the main problem is and how it relates to paying too much in taxes during retirement!