Tag: Roth Conversions

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Stress-Free Tax Preparation (Ep. 134)

Stress-Free Tax Preparation (Ep. 134)

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Tax season can be overwhelming, but with some simple strategies, you can transform it into a manageable process.

In this episode, Peter Raskin outlines practical tips for preparing your taxes with ease. From organizing documents to leveraging deductions and credits, Peter shares actionable insights to make tax preparation less daunting. He emphasizes the importance of collaboration with tax professionals and staying proactive to avoid last-minute stress.

Peter discusses:

  • The benefits of keeping organized financial records and reviewing prior tax returns for reference
  • Key income and deduction categories to track, including self-employment expenses, charitable contributions, and retirement plans
  • Credits for education, energy efficiency, and dependent care, along with considerations for gifting limits
  • How to manage estimated taxes to avoid penalties and interest while staying within safe harbor guidelines
  • The value of consulting tax professionals and financial planners to streamline the tax preparation process
  • And more!

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This is not intended to be a substitute for professional investment advice. Always seek the advice of your financial adviser or other qualified financial service providers with any questions you may have regarding your investment planning.

Securities and investment advisory services offered through Osaic FA, Inc., member FINRA/SIPC. Osaic FA is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic FA.

Osaic FA, Inc. and its representatives do not offer tax or legal advice. Individuals should consult their tax or legal professionals regarding their specific circumstances.
Mastering Year-Round Tax Planning: Strategies for a Financially Savvy Year-End (Ep. 111)

Mastering Year-Round Tax Planning: Strategies for a Financially Savvy Year-End (Ep. 111)

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The clock is ticking, days are getting shorter and cooler, and it is hard to believe that Thanksgiving and Christmas are just around the corner. But from a financial perspective, we have less than two months to do tax planning, so what should you be thinking about?

In this episode, Peter Raskin discusses the importance of year-round tax planning. He highlights five key considerations: understanding one’s tax bracket, Roth conversions, charitable giving, gifting strategies, and realizing capital gains and losses. Peter emphasizes the benefits of Roth IRAs and the impact of charitable gifts on communities. He also explains the tax implications of holding mutual funds and the strategy of realizing capital gains and losses.

Peter discusses:

  • Why tax planning should be done year-round, not just at year-end
  • Five tax planning considerations that are impactful over a longer period
  • Tax bracket planning and understanding marginal tax brackets
  • The importance of working with a tax advisor throughout the tax planning process
  • Advantages of Roth conversions and avoiding higher tax brackets
  • The tax advantages of charitable giving and gifting
  • Realizing capital gains and losses throughout the year as a tax strategy

Resources

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Disclosure: This is not intended to be a substitute for professional investment advice. Always seek the advice of your financial adviser or other qualified financial service providers with any questions you may have regarding your investment planning.

Peter Raskin is a registered representative of Lincoln Financial Advisors.

Securities offered through Lincoln Financial Advisors Corp., a broker/dealer. Member SIPC. Investment advisory services offered through Sagemark Consulting, a division of Lincoln Financial Advisors, a registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Raskin Planning Group is not an affiliate of Lincoln Financial Advisors.

Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.