Srdjanpav | E+ | Getty ImagesMore from FA Playbook:Here's a look at other stories impacting the financial advisor business.When a Roth conversion is completed, you'll owe regular income taxes on the converted balance, based on your current-year taxable income. Ideally, you're "managing the tax bracket," said CFP Jim Guarino, managing...
Grace Cary | Moment | Getty ImagesAfter decades of building your nest egg, you will eventually have to start taking required minimum distributions, or RMDs, from pretax retirement accounts. The first RMD can be tricky, according to financial experts.Since 2023, most retirees must begin RMDs at age 73. The...
Hispanolistic | E+ | Getty ImagesIf you're planning a gift to charity this holiday season, you could score a tax break by donating cryptocurrency. But there are some key things to know before making the transfer, experts say.In 2024, there's been a significant jump in crypto gifts to charity,...
Artistgndphotography | E+ | Getty ImagesThere's soaring interest in donating cryptocurrency to charity as digital currency investors seek to maximize their tax break and impact."A lot of folks have begun to realize that crypto giving is hugely beneficial," said Kyle Casserino, vice president and charitable planning consultant for Fidelity...
Medianews Group/orange County Register Via Getty Images | Medianews Group | Getty ImagesIt's easy to swipe your credit card or send a check when donating to charity. But you could score a bigger tax break by gifting another asset.Some 34 million U.S. adults gave $3.1 billion for Giving Tuesday...
Xavierarnau | E+ | Getty ImagesIf you're retired and planning a year-end donation to charity, there's a key move to maximize your tax break, financial experts say. Qualified charitable distributions, or QCDs, are direct transfers from an individual retirement account to a non-profit organization. Additionally, retirees can give more...
Mixetto | E+ | Getty ImagesAs year-end approaches, you may be eyeing a donation to charity — and certain gifting strategies can boost your tax break, experts say. In 2023, U.S. charitable giving hit $557.16 billion, up roughly 2% compared to 2022, according to Indiana University Lilly Family School of...
Images By Tang Ming Tung | Digitalvision | Getty ImagesAs some Americans struggle to save for retirement, key 401(k) plan changes could soon make preparing easier for certain workers, experts say. Enacted by Congress in 2022, "Secure 2.0" ushered in sweeping changes to the U.S. retirement system, including several updates...
Marco Vdm | E+ | Getty ImagesMany employees have a health savings account, which offers tax incentives to save for medical expenses. However, most are still missing out on long-term HSA benefits, experts say.Two-thirds of companies offer investment options for HSA contributions, up 60% from one year ago, according...
Hispanolistic | E+ | Getty ImagesCrypto investors could face higher taxes amid the surging price of bitcoin. But if you're in the 0% capital gains bracket, you can reduce future taxes with a lesser-known strategy, experts say. The tactic, known as tax-gain harvesting, is selling profitable crypto in a lower-income year....