Selecting a filing status is one of the first decisions you’ll make when you fill out your federal income tax return, so it’s important to know the rules. And because you may have more than one option, you need to know the advantages and disadvantages of each. Making the right decision about your filing status can save money and prevent problems with the IRS down the road.
It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed?
Here’s the dilemma: You have a traditional 401(k) that contains both after-tax and pre-tax dollars. You’d like to receive a distribution from the plan and convert only the after-tax dollars to a Roth IRA. By rolling over/converting only the after-tax dollars to a Roth IRA, you hope to avoid paying any income tax on the conversion.
When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes.
As the end of the year approaches, it’s time to consider strategies that could help you reduce your tax bill. But most tax tips, suggestions, and strategies are of little practical help without a good understanding of your current tax situation. This is particularly true for year-end planning. You can’t know where to go next if you don’t know where you are now.
Ensure you understand the available financing options.
We are happy to present our A/D JuiceBox Webinar Series. JuiceBox will provide current events, financial planning strategies, taxes, investments, and general business updates.
If you are planning on maximizing your retirement plan contributions again next year or for the first time, there are some cost of living increases that will go in effect. Be sure to increase your contribution level accordingly.
November 27, 2021, marks the 12th annual celebration of small, neighborhood businesses
ADVANCED PLANNING CAN HELP ALLEVIATE SOME OF THE PHYSICAL, EMOTIONAL, AND FINANCIAL CHALLENGES ASSOCIATED WITH THOSE REQUIRING LONG-TERM CARE.
Armstrong Dixon
1500 Sulgrave Ave.,
Baltimore, MD 21209
443-563-1111
Armstrong Dixon is a private wealth management firm, founded in 2013 and headquartered in the Mt. Washington Village of Baltimore City, MD.
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Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through ADE, LLC, a registered investment advisor. ADE, LLC and Armstrong Dixon are separate entities from LPL Financial.