Integrity Financial Planning

DECEMBER 7, 2022

Mutual funds have been a popular way to invest, but are they what’s best for your financial plan? Brian talks about what happens with a mutual fund, who has them, and what might be a better fit instead. According to Brian, mutual funds are kind of like driving a 1987 Astrovan. What can you do about taxes? (6:01).

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The Big Picture

JANUARY 24, 2024

At the Money: How to Pay Less Capital Gains Taxes (January 24, 2024) We’re coming up on tax season, after a banner year for stocks. Successful investors could be looking at a big tax bill from the US government. On this episode of At the Money, we look at direct indexing as a way to manage capital gains taxes.

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The Motley Fool

MAY 11, 2024

Over 91 million American households have already received a tax refund in 2024. Just 9% of Americans plan to invest their tax refund, according to a January survey from Bankrate. You don't need to be a genius to take your tax refund and turn it into a much more valuable asset. Should you invest your tax refund all at once?

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The Motley Fool

MARCH 23, 2024

Mutual fund giant Vanguard has officially crunched the numbers. You can contribute up to $23,000 of your wages to a 401(k) account in 2024, all of which is tax deductible. Still, it makes sense to explore all of your tax-advantaged savings options within and outside of your company-sponsored plan.

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The Motley Fool

JUNE 19, 2024

Both offer excellent tax advantages. One of the drawbacks of 401(k)s, in the eyes of some investors, is that they tend to offer a limited menu of investment choices -- perhaps just a dozen or so mutual funds or exchange-traded funds (ETFs). Your taxable earnings shrink by $7,000, shrinking your tax bill.

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The Motley Fool

NOVEMBER 7, 2024

Whenever you contribute to a 401(k) or IRA, the income tax you would owe on that money is deferred until you withdraw it in retirement. By contrast, the investment choices in most 401(k) plans are often limited to mutual funds. The exception is your employer's stock. Many companies make their matches in their own shares.)

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Walkner Condon Financial Advisors

MAY 31, 2024

Breathe Easier Next Tax Season with These Planning Strategies Every year, most of us smile when we see April 15th in the rearview mirror. The completion of our tax returns being filed marks the beginning of a nine month period where we don’t need to think about funny acronyms and form numbers.

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The Motley Fool

OCTOBER 28, 2024

You'll owe taxes in retirement Retirement accounts like 401(k)s and traditional IRAs are tax-advantaged, meaning you can deduct your contributions upfront. The downside to this approach, though, is that you'll owe income taxes when you retire and start making withdrawals. Image source: Getty Images.

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The Motley Fool

SEPTEMBER 12, 2024

With a traditional 401(k), the more you put in, the more income you can potentially shield from taxes, up to the yearly IRS limit. First, by limiting you to investment funds, 401(k)s make it difficult to build a customized retirement portfolio. However, non-medical HSA withdrawals at age 65 or later are subject to taxes.

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The Motley Fool

NOVEMBER 24, 2023

The bulk of them are managed by mutual fund companies, with most of those companies limiting your investment choices to their family of funds. In fact, you may not even have access to that fund company's entire fund lineup. But there are scenarios in which you might be better off doing exactly that.

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The Motley Fool

SEPTEMBER 2, 2024

These accounts have certain tax advantages. Contributions to a 401(k), for instance, lower your taxable income and may end up reducing your tax bill. IRA contributions can also be tax deductible, so long as certain conditions are met. Both give you the power of tax deferral.

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The Motley Fool

JULY 9, 2024

Max out an IRA with investments earning at least 8% annually IRAs provide tax advantages to encourage retirement savings and can be opened at nearly any banking institution. There are multiple mutual funds and stocks that have historically earned 8% or more per year. Now, let's talk about that 8% growth rate.

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The Motley Fool

MAY 28, 2024

Even for people at or over the age of 65, mutual fund company Vanguard reported that their clients' average 401(k) balance in 2022 stood at just a tad over $230,000. Last year's average contribution was on the order of 4.8%, according to mutual fund company and plan manager Fidelity. Over the past 15 years, 88% of U.S.

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The Motley Fool

SEPTEMBER 27, 2024

Minimize your investment fees Most 401(k)s give you a choice between a variety of mutual funds or index funds your employer chooses. Most mutual funds charge expense ratios , which are listed as percentages in your prospectus. However, your personal contributions are always yours to keep.

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The Motley Fool

JANUARY 22, 2024

So if you want the option to retire at, say, age 52, then you'll need to keep some of your long-term savings outside of a tax-advantaged account. Sure, you could choose one specific mutual fund over another in your 401(k). But you don't get to dictate what assets those funds actually invest in.

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Integrity Financial Planning

NOVEMBER 7, 2022

Using a strategy called tax-loss harvesting, you can earn capital gains tax credits on your investment losses. What is Tax-Loss Harvesting? This strategy is when you sell stocks, mutual funds, exchange-traded funds (ETFs), and other investments carrying a loss to offset gains from other investments sold.

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The Motley Fool

SEPTEMBER 30, 2024

For example, a Roth IRA offers exceptional tax benefits, making it an outstanding retirement planning tool. It also comes with immediate tax benefits. For example, taxes on 401(k) contributions are deferred until retirement, meaning you can lower your taxable income during your working years by contributing more to your 401(k).

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The Motley Fool

JULY 19, 2024

Protect yourself from market volatility Ideally, retirement investments move from higher-risk investments like stocks to lower-risk investments like bonds and mutual funds as you get close to retirement. Relying on a business's cash flow can help you weather the market's ups and downs by not pulling out funds when the market falls.

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The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Upsplash There are many ways you can invest your money, from traditional options like stocks and mutual funds to more recent options like cryptocurrency. These are a must, because they help you save on taxes. But anybody who is working can open an IRA and start making tax-deductible contributions.

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The Motley Fool

NOVEMBER 21, 2024

Unlike IRAs, which allow you to build a portfolio of individual stocks, 401(k)s generally limit you to a bunch of different funds. First, any time you invest in a fund, you lose the opportunity to personalize your portfolio. If you buy into a mutual fund, for example, you're not the one deciding which assets it holds.

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The Motley Fool

APRIL 19, 2024

Money in your 401(k) account grows in a tax-advantaged way -- either by postponing taxation via a traditional 401(k) or by avoiding it altogether via a Roth 401(k). Funds in your 401(k) can't be withdrawn any time you'd like without triggering taxes and penalties. It's always smart to find out what kind of fees you'll face.

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The Motley Fool

SEPTEMBER 21, 2024

You'll mostly see target date funds , mutual funds , and maybe some company stock. Sure, you could dip into your 401(k), but you'll face a 10% penalty on top of paying taxes. Plus, by lowering your taxable income through 401(k) contributions, you can also reduce your tax bill.

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The Motley Fool

OCTOBER 28, 2024

The simple explanation is this means investing equal dollar amounts at specific intervals in your favorite stocks, ETFs, or mutual funds. As a basic example, instead of investing $6,000 at a set point in the year in a S&P 500 index fund, maybe invest $500 in the same index fund at the beginning of each month.

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The Motley Fool

OCTOBER 13, 2023

If you contribute some of your earnings to an IRA, you can shield some income from taxes. They give you a limited penalty-free withdrawal to buy a home If you're funding an IRA to have savings down the line in retirement, then it's generally best to leave that money alone until retirement. IRAs allow you to buy stocks individually.

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The Motley Fool

APRIL 22, 2024

Fortunately for me, my full-time employer sponsors a tax-advantaged retirement account, and offers a contribution-matching program. The only options were some mutual funds that are balanced based on your risk tolerance and projected retirement date. Turns out I could, but it was a slightly complicated process.

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The Motley Fool

OCTOBER 28, 2024

However, if you withdraw that $10,000 now, not only do you lose that potential growth, but you may also face early withdrawal penalties and taxes (which could be between 20% and 30%, depending on your tax rate), leaving you with only $7,000. thanks to compound interest.

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The Motley Fool

AUGUST 4, 2024

All of it is ultimately invested for the benefit of the employee, which grows without being taxed as long as it remains in the account. The only tax-based matter to consider? Whether you prefer to pay taxes now or later. So how do you become a 401(k) millionaire? Here are my four top self-imposed rules you might want to follow.

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The Motley Fool

DECEMBER 22, 2023

Not only do the holidays inspire goodwill and cheer, but many people are interested in writing off their donations as we close out the tax year. But there's also a lot of confusion about charitable donations and when you can write them off for tax purposes. To write off a charitable deduction, you'll need to itemize your tax return.

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The Motley Fool

JUNE 3, 2024

In particular, people with net worths of $1 million or higher tend to have more of their money in the following: Stocks/mutual funds Real estate Business interests Those in the $10,000 and $100,000 tiers invest in those, too, but not nearly as much. Millionaires put their money into appreciating assets (assets that can grow in value).

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The Motley Fool

AUGUST 5, 2024

Generally, savers are advised to use tax-advantaged plans for retirement savings purposes because, well, they come with tax breaks. A traditional IRA or 401(k) lets you shield some of your income from the IRS by offering tax-free contributions. A Roth IRA or 401(k) gives you tax-free investment gains and withdrawals.

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The Motley Fool

FEBRUARY 26, 2024

With its high contribution limit, tax advantages, and potential for a company match, it could be your biggest source of savings once you retire. The biggest fees in 401(k) plans are often the investment fees charged by mutual fund companies. You should aim to avoid actively managed mutual funds with high expense ratios.

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The Motley Fool

OCTOBER 22, 2024

These can include things like target date funds and asset allocation funds. Meanwhile, IRAs can offer thousands of investment options, including mutual funds, ETFs, stocks, and bonds, among others. Roth contributions won't reduce your taxable income now, but they can be tax-free in retirement.

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The Motley Fool

SEPTEMBER 26, 2024

You can choose how you want to invest your funds and even when you want to pay taxes on them. You typically must choose from a variety of mutual funds your employer chooses. Some companies also limit you to only a tax-deferred 401(k), which gives you a tax break now but requires you to pay taxes on your withdrawals later.

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The Motley Fool

OCTOBER 21, 2024

Specifically, you have until next year's tax-filing deadline to finish funding your IRA for 2024. The tricky thing about 401(k)s is that they limit you to an assortment of funds to choose from, as opposed to the individual stocks you can typically hold in an IRA. Image source: Getty Images. But 401(k)s work differently.

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The Motley Fool

MAY 13, 2024

They allow you to save for retirement, while also saving on taxes. Your contributions are tax-deductible, and you only pay taxes when you withdraw your money in retirement. The great thing about IRAs (besides the tax savings) is that they let you buy almost any type of investment.

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The Motley Fool

JULY 10, 2024

From the fund's public market entrance in May 2015 to the end of 2020, the Grayscale fund averaged a 37% price premium over its holdings in pure Bitcoin (CRYPTO: BTC). Early Bitcoin adopters appreciated the Grayscale fund's availability in ordinary stock-exchange accounts. The mutual fund was converted into a proper ETF on Jan.

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The Motley Fool

APRIL 18, 2024

And some plug-in hybrids can qualify for a pre-owned EV tax credit of up to $4,000 -- making them an even better deal for your budget and the planet. The biggest immediate impact on your personal finances from going solar is that the federal government is offering a generous tax credit for installing residential solar.

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