2024 RTS Year End Tax Strategy Letter
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What’s Your IRA Really Worth?
Background: Tax-deferred Accounts Tax-deferred retirement accounts, like IRAs and traditional 401(k)s, are only one piece of the retirement plan puzzle. While there are other important pieces, these accounts tend to […]
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Advisor Tax Mistake #1-Getting Bad Tax Advice
When I last Googled “IRS RMD Table,” the first result that popped up was a link to an active IRS web page with the outdated RMD information. Millions of people who clicked on the first link provided by Google were given, by the IRS, incorrect information. Countless other examples of incorrect tax information, ranging from capital gains rates to Medicare premiums to gifting limits and especially the math on Roth conversions can be found prominently displayed across the internet, including on some of the most reputable websites.
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Clients Don’t Care About Roth vs. Traditional IRAs. So What?
Many financial advisors will object to the headline of this article, but advisors represent an incredibly small percentage of all taxpayers. Very few taxpayers care to be able to describe the difference between a Roth IRA and a traditional IRA. What they want to know is which option is right for them and what action they should take.
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