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Posted on June 3, 2024 by Dan Pascone
Your Guide to Different Retirement Accounts: Achieving Tax Diversification
For many, retirement planning is the financial equivalent of how toddlers view eating their vegetables. You know it’s good for you, but it’s not exactly what you’d call a thrilling activity– unless, of course, you’re a financial planner. Our enthusiasm for retirement planning is baked into our personal definitions of retirement. Do we view retirement […]
Posted on May 28, 2024 by Dan Pascone
The High Earner’s Playbook to Donor-Advised Funds
Donor-Advised Funds (DAFs) are a key tool for charitable giving for high-earners because they offer a unique blend of immediate tax benefits and strategic flexibility for sustained philanthropic efforts. By making an irrevocable contribution to a fund managed by a charitable entity, donors can claim a tax deduction in the year the contribution is made […]
Posted on May 20, 2024 by Dan Pascone
Tax Savvy Moonlighting: Tax Strategies for Side-Hustling High-Earners
Moonlighting, or taking on additional work outside your primary job, is becoming increasingly popular for a variety of reasons, such as rising costs, ambitious future plans, or simply because it’s become rather easy to make a good extra payday on an in-demand skillset thanks to various talent marketplaces. Whether you’re freelancing, consulting, or pursuing a […]
Posted on May 13, 2024 by Dan Pascone
Beyond Basics: HSAs as a Tool for Wealth and Health Management
Health Savings Accounts (HSAs) offer a beautiful trio of financial benefits often overlooked by high-earners. Referred to as the “triple tax advantage,” HSA contributions can: Lower your taxable income. Contributions to an HSA are made with pre-tax dollars, which means they can be deducted from your gross income. This taxable income reduction leads to immediate […]
Posted on May 7, 2024 by Dan Pascone
Beyond Saving for College: 529 Plans as Strategic Legacy Planning Tools for High Earners
Superfunding a 529 plan isn’t just about saving for your kid’s college—it’s a strategic financial move for high earners to maximize tax benefits, reduce estate size, and boost investment growth if the timing is right. With superfunding, you can significantly accelerate your child’s educational fund by contributing up to five times the annual gift tax […]
Posted on April 29, 2024 by Dan Pascone
Opportunity Zones 101: Opportunity or Overhype?
The tax advantages of Qualified Opportunity Zones (QOZs) sound great on paper—an uncapped capital gains tax that can be deferred and potentially tax-free treatment on the appreciation of your QOZ holdings. That’s enough to catch the attention of any high-earner, but are QOZs all they’re chalked up to be? The following article explores the Opportunity […]
Posted on April 23, 2024 by Dan Pascone
5 Smart High-Earner Moves to Maximize Your Tax Return
Employees have several unique, often-overlooked tax strategies that could potentially add hundreds of thousands of dollars to their bank account by retirement. For starters, how confident are you that you correctly filed the best possible tax return last year, legally leveraging all the available tax credits, deductions, and strategies? Like many, you might be left […]
Posted on April 16, 2024 by Dan Pascone
Breaking Down the Mega Backdoor Roth: A Tax-Saving Strategy for High Earners
Welcome to the incredibly nuanced world of retirement planning, where the Roth IRA tends to reign supreme for its tax-free withdrawals in the golden years. Why a Roth? You contribute after-tax money to a Roth. Your contributions grow tax-free, and your withdrawals are tax-free as well. However, there’s a catch for the high flyers: income […]
Posted on April 9, 2024 by Dan Pascone
All About the Backdoor Roth IRA
Backdoor Roth IRAs stand out as a sophisticated strategy for high-income folks who are otherwise unable to contribute directly to a Roth IRA due to income limits. For instance, people’s ability to make direct Roth IRA contributions phases out at $153,000 Modified Adjusted Gross Income (MAGI) or $228,000 for married couples filing jointly. The Backdoor […]
Posted on April 1, 2024 by Dan Pascone
3 Ways to Access Retirement Funds Early
There are multiple reasons you might want your retirement account money early: starting a family, an investment opportunity, or even just eyeing an early retirement. Tax-advantaged accounts can be an exceptionally great way to grow your nest egg with the stock market, but accessing your funds before hitting the typical retirement age comes with fees, […]