What to Do with All Those Old 401(k)s and IRAs

It's about as fun as herding cats, but rounding up all your IRAs and 401(k)s into just one or two accounts can really simplify your financial life. My Comments: The IRS says you can have as many retirment accounts as you like. All they care about is getting their share of the money when you …

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Your 2018 Tax Guide

With all the recent attention from tax changes made by Congress recently, many of us are wondering how it will affect us. Here's something you might find is useful. Just remember I'm not licensed or qualified to give tax advice so this is information only. It comes from an insurance company called Athene. Technically, their …

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I Inherited a Roth IRA. Now what?

My Comments: More and more people have Roth IRA accounts. A common question about retirement is whether to draw money from their Roth IRA first or take money from their non-Roth retirement accounts first. It depends. Any money not yet taxed is going to get taxed. Period. The Roth IRA money comes out tax free; …

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America’s Wealth Inequality Is Getting Worse

My Comments: Readers of this blog know I’ve railed against the growing income inequality in this country for a long time. Income inequality is inherent in the human condition. Since recorded time began, it’s clear there were “haves” and “have-nots”. In recent times, the disparity really started to diminish following the great depression in the …

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What Are the Odds the IRS Will Audit Your Tax Return? And What Should You Do If It Does?

My Comments: There is a significant difference between avoiding taxes and evading taxes. Not less an authority figure than a former Supreme Court justice expressed that “…there is no obligation to pay more in taxes than absolutely necessary”. But evading taxes will perhaps land you in jail. That being said, the IRS is NOT going …

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A Not So Simple Tax Question

My Comments: I try to not post anything with political implications. And while this post looks like one, there are larger issues with implications for Republicans, for Democrats, and Libertarians. I’ve argued for years that the current chasm between the ‘haves’ and the ‘have nots’ in this country must be bridged. This article from the …

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TAX ESSENTIALS

My Comments: I think I found this article published in Medical Economics some months ago. I apologize for my inability to provide accurate sourcing. That aside, we have ZERO obligation to pay more in taxes that absolutely necessary. Just remember, the IRS has a responsibility to collect taxes. It’s up to us to figure out …

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