Roth IRAs are popular retirement savings vehicles because distributions from them are tax-free. You can make a contribution to a Roth IRA if your income is below a certain level but another way to fund a Roth is to convert some or all of your IRA or retirement plan money to a Roth IRA. Contributing … [Read more...]
Roth Contributions and Conversions
The 411 on Health Savings Accounts
Most income tax benefits have symmetry. For example, if you defer income by contributing to a 401(k) plan, you are not taxed on the income that you contribute. Down the road when you distribute those funds out of your 401(k) plan, those distributions are taxable. Similarly, if your contributions are … [Read more...]
Dealing with Identity Theft
Whether it’s hacking into your bank account, making fraudulent purchases with your credit card, or filing unemployment claims under your name, identity theft occurs all the time. At Windward, we frequently hear from clients that are victims of identity theft and are left to clean up the mess … [Read more...]
Recorded Webinar: Charitable Year-End Considerations
Have questions about tax law changes impacting charitable contributions? Key Conversations: Tax-Smart Charitable Giving Strategies Qualified Charitable Distributions (QCDs) Donor-Advised Funds Presenters: Darrell Tierney, CFP® CPA Matt Bellomo, CPA … [Read more...]
How does the tax strategy of deduction bunching work?
Deduction bunching The strategy of deduction bunching is aimed at shifting the timing of deductible expenses by bunching them together within the same year, to surpass the standard deduction amount. The goal is to time your deductions in such a way that you can itemize every few years, while … [Read more...]