Archive for the ‘Tax planning’ Category

Roth IRA Explored

September 20th, 2010

Nest Egg ImageA Roth Individual Retirement Account (Roth IRA) is one of many retirement vehicles. You can make contributions to a Roth IRA account regardless of whether or not you contribute to a 401K plan or similar through work. Unlike a traditional IRA, you don’t receive a tax deduction for the money you contribute to your Roth IRA; however, you are able to withdraw money from a Roth IRA tax free during your retirement years. The maximum yearly contribution you can make to your Roth IRA is determined by the U.S. tax code – your tax professional or Fort Worth investment advisor can provide you with more detail.

What Are the Main Advantages of a Roth IRA?

When compared to the traditional IRA, the Roth IRA has a few potential advantages. These include the following:

  • Tax-free withdrawal when you are over 59.5 years of age and at least 5 years have passed since the Roth IRA was created.
  • No required minimum distributions. With a traditional IRA, you are forced to begin withdrawals when you reach 70.5 years of age.
  • Certain early distributions may be made without incurring early distribution penalties.

Is a Roth IRA Right For Me?

This is a question that is best answered by a professional. A high income level, for instance, may prevent one from participating in a Roth IRA. So, while Roth IRAs may benefit most people, it is important to have your Fort Worth retirement planning professional analyze your individual situation to determine the appropriate retirement savings strategy for you.

Benefits of Tax Planning

August 12th, 2010

There are an overwhelming amount of strategies that you should be aware of when creating a plan for your wealth. A wealth strategy that helps you minimize taxes on your income should be included in those options. Everybody has different financial situations; so no two tax strategies are exactly alike. Customizing the right tax plan begins with answering questions like: “Which current Fort Worth tax laws exist?”, “Which Fort Worth tax laws affect me?”, and “How can I create a reduction plan for the Fort Worth taxes that I owe?”

Individuals and businesses can equally benefit from a solid Fort Worth tax reduction plan. Individuals benefit by the reduction of taxes on wages and other types of taxable income. From a business perspective, the more after-tax income savings, the greater the profits a company will have to reinvest into your business’s operation expenditures. This will also lead to an increase in owner and shareholder profit.

A tax plan should be in place the moment that there is income that is prone to taxation. In the past, tax advisors created strategies to aid wealthy citizens reduce in liability scenarios. However, there is now a greater need for taxpayer informativeness, in order to show certain individuals how to benefit from tax-reducing and tax-saving options. A Fort Worth Tax Advisor can show you how to apply these moves throughout the year for ideal, maximum savings.

To get assistance developing a tax plan seek the advice of one of our qualified Fort Worth Wealth Management professionals.


June 2nd, 2010

Our Fort Worth Retirement Planning and Money Management Department have compiled a list of forms that we feel would help you manage various aspects of your financial record keeping needs. Feel free to download these forms or share them with your friends.

Financial Planning Forms


May 6th, 2010

Well, we made it through another tax season, didn’t we?  But if you’re smart… you aren’t through with your taxes yet!  You should be looking at two things before you completely forget about the pain and suffering of getting your taxes done.

2 Important Things to Check

  1. If you feel like you paid too much in taxes for 2009… call my office to make an appointment.  We should go through your tax return and look for ways to reduce your tax bill for this year.  This is really an important thing to do because any money we find is “found” money and you can spend it, or invest it on anything you like!
  2. In 2009, the average tax refund was $2,683 according to the IRS.  If you were one of the lucky ones to get a refund… don’t spend it just yet.  At least take a look at the 7 ways that may make your refund keep paying you for years to come!  Below you will find the 7 things I think you should look at for your tax refund.

Read More at the Fort Worth Money Management Website