Categories
Retirement Planning

2021 Year End Tax Strategies [Video]

In this episode of Adam Live, Adam Bergman, Esq., founder of IRA Financial, will discuss tax and retirement planning strategies as we approach the end of the year. December 31 is the last day you can take advantage of many tax-saving opportunities.In this Live, Adam will discuss the following key points:*IRA and Roth IRA Contributions*Setting Up and Contributing to a Solo 401(k) or SEP IRA*Roth Conversions and Backdoor Roth IRA and 401(k)*Required Minimum Distributions*Standard vs. Itemized Deductions*Expanded Child Tax Credit*Medical Expenses*Self-Employed Health Care Premiums*Student Loans*Charitable Giving*Harvesting Losses*SALT Deductions*Capital Gains/Losses*Repayment of Coronavirus Related Distributions*529 ContributionsAbout IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.Learn More: https://www.irafinancialgroup.com/about-us/#Taxes #Retirement #Solo401k #401k #IRA #SelfDirectedIRA #2021YearEndTaxPlanning #TaxPlanning #RetirementPlanning #Roth #RothConversion #BackdoorRoth #SelfEmployed #TaxCredit #TaxDeductions #RMD #ChildTaxCredit #CapitalGains #MedicalExpenses #StudentLoans #CoronavirusRelief #HarvestingLosses #SALT #529

Categories
Business Owners

Retirement Plan Options For Self-Employed [Video]

Retirement plan options for self-employed individuals. Covers Single 401(k), or Solo 401(k), the SEP IRA, the SIMPLE IRA, and other alternatives. Have a question for the show? Call or text 574-222-2000 or leave a comment!Want to speak with a Certified Financial Planner™? Visit https://www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at https://www.korhorn.com/wise-money-showLINKS: https://www.fidelity.com/retirement-ira/small-business/self-employed-401k/overviewhttps://www.nerdwallet.com/article/investing/what-is-a-sep-iraBe sure to stay up to date by following us! Facebook – https://www.facebook.com/WiseMoneyShow ​Twitter – https://twitter.com/WiseMoneyShow ​Instagram – https://www.instagram.com/wisemoneysh…​Want more Wise Money™? Read our blog! https://www.korhorn.com/wise-money-blog ​Listen on Podcast: https://link.chtbl.com/WiseMoney ​Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShowMike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

Categories
Retirement Planning

New Checkbook IRA case [Video]

In this episode of Adam Live, Adam Bergman, Esq., founder of IRA Financial, will discuss the impact of the McNulty v Commissioner case on a Self-Directed IRA holding coins at home, as well as its potential impact on other assets, such as Bitcoin and cryptocurrencies in general.As Adam has talked about in the past, this court case reaffirms that you should not hold IRS-approved coins and metals personally, as this would be a violation of IRC 408(m).Learn more about investing in Coins: https://www.irafinancialgroup.com/learn-more/self-directed-ira/purchasing-coins-with-a-self-directed-ira-llc/About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.Learn More: https://www.irafinancialgroup.com/about-us/#IRA #SelfDirectedIRA #McNultyvCommissioner #Gold #Investing #Investments #Coins #ProhibitedTransactions #IRS #IRSRules #AlternativeInvestments #IRSApprovedCoins #401k #Solo401k #Retirement #408m

Categories
Retirement Planning

401k Strategies that will Blow your MIND [Video]

Everything that you need right here for you! https://linktr.ee/MJKYoutubeThe Crypto IRA Page at Directed IRA: https://directedira.com/cryptocurrency/Mind-blowing strategies that you can use TODAY with your 401k! Mark and Mat expand all of the fundamental strategies that get your 401k running like a well-oiled machine. Learn more at www.mainstreetbusiness.comI have the perfect book for you. Learn how to start your own business and if you already have one HELP it grow! With my 8 Steps to Start and Grow your Business, you will be on your way to financial freedom and taking control of your money. Go check it out at https://markjkohler.com/all-books/8-Steps-to-Start-and-Grow-Your-Business-p225942102Your financial wealth starts today!I go LIVE almost every week…Don’t forget to Subscribe and Hit that bell icon so you get a notification every time I upload a new video or go LIVE SIGN UP for my weekly newsletter to download my FREE E-book “The 10 Best Tax-Saving Secrets Everyone Should Know” and schedule a FREE 15 Minute Interview with an Attorney or CPA from my team! Visit www.markjkohler.com/youtube If you need help structuring your business or setting up your S-corp to save the most on taxes and to ensure maximum asset protection, click here to schedule a FREE 15-minute interview: www.kkoslawyers.com/contact-usVisit markjkohler.com for all of Mark’s game-changing educational materials, take charge of your ship, and start SAVING thousands in taxes!If you liked the video, please give it a “Thumbs up!” and please subscribe to see more!Set up a self-directed retirement account at directedira.com and start saving today!Visit www.mainstreetbusiness.com to listen to Mark Kohler and Mat Sorensen break down complex Tax & Legal strategies in an easy-to-understand way every week!Follow me on Instagram, TikTok Facebook and Twitter @markjkohler

Categories
Retirement Planning

Back Again! Mega Backdoor Roth Solo 401k/IRA Bans Added Back to Build Back Better Act [Video]

Please join Friday 11/5 @ 2:30 PM EST as Harvard Law Attorney & Self-Employed Retirement Expert George Blower provides an update on the recent House Proposal that re-introduces the recently proposed ban on Backdoor Roth IRA and 401k plans.LEARN MORE:https://www.mysolo401k.net/back-again-backdoor-roth-and-mega-backdoor-roth-added-back-to-pending-reconciliation-bill-build-back-better-act-of-2021/https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:-The highest contribution limits for any defined contribution plan including up to $57,000 (or even $63,500 if you are 50 or older) for 2020 (for 2021: $58k or $64.5 if you are 50 or older).-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.-401k participant loans of up to $50,000-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.Open an Account: https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/Learn More: https://www.mysolo401k.net/solo-401k/Subscribe to our channel for weekly educational webinars: https://www.youtube.com/channel/UC1vw56qJEnK7DBNqCmeapcgFor over 10 years, My Solo 401k Financial is the leading self-directed solo 401k provider having helped over 8,000 clients take control over their retirement funds by focusing on superior knowledge, expertise, and customer service with over 100+ 5-star verified customer reviews on the Better Business Bureau (BBB).

Categories
Retirement Planning

Mega Backdoor Roth Conversion Strategy [Video]

The mega backdoor Roth conversion allows you to compliantly put up to $64,500 into your Roth IRA or Roth 401k every year. This means you can grow huge amounts of money tax-free. Part IV of our Solo 401k contribution series will focus on the Mega Backdoor Roth Strategy:- Two-step process- Why is this Valuable?- Recap of Voluntary After-Tax contributions- Logistics and Best Practices- and more…Take control of your financial future today at https://go.solo401k.com/welcome

Categories
Retirement Planning

Roth Solo 401k Contribution Problem [Video]

If you are a small business owner or independent contractor with a solo 401k you may have a problem doing a Roth conversion or mega backdoor Roth. Knowing why your plan can’t allow these contributions and what you can do to fix it early can help you max your Roth Solo 401k.—————————————————–If you have a little or a lot we can help.START HERE http://bit.ly/2Fo21RyTRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®CERTIFIED FINANCIAL PLANNER™Company Website: https://www.sicklehunter.comtwitter: @travissickleInstagram: https://www.instagram.com/travistsicklefacebook: https://www.facebook.com/SickleHunterFALinkedIn: https://www.linkedin.com/in/travissickleSickle Hunter Financial Advisors1646 W Snow Ave.Suite 144Tampa, FL 33606——————————————————-Gear Used in Videos https://bit.ly/3bUPvXPAll Amazon links are affiliate links#travissickle

Categories
Retirement Planning

How to Pay the Tax on a Roth Conversion – Your Money, Your Wealth® podcast 349 [Video]

Today on Your Money, Your Wealth® podcast 349 with Joe Anderson, CFP® and Big Al Clopine, CPA, learn the basics of Roth IRA conversions, how to calculate tax on your Roth conversion tax, and when you need to pay the tax, and more. Plus, ideas for what to do with unused 529 plan education savings, rules for 401(a) accounts, explaining the alternative minimum tax, the latest tax proposals, calculating employer solo 401(k) contributions – and that’s just the tip of the iceberg. Visit the podcast how notes for free financial resources and to Ask Joe & Al your money questions: https://bizlink.to/ymyw-34900:00 – Intro00:56 – Calculating Paying Roth Conversion Tax (Liza, San Diego)10:32 – Paying Roth IRA Conversion Taxes (Tammy)12:19 – Schedule a Free Financial Assessment: https://purefinancial.com/lp/free-assessment/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW13:10 – Backdoor Roth IRA Basis & Paying the Tax on a Roth Conversion (D, Irvine)22:51 – Roth 401(k) Contribution Strategy (Jennifer, Philadelphia, PA)32:02 – What Should I Do With Left Over 529 Money? (podcast survey)34:05 – Are There Special Rules for 401(a) Plans? (podcast survey)37:03 – Can You Have Too Much Money in Ally Bank-Like Accounts? (podcast survey)38:20 – How Should I Calculate Employer Solo 401(k) Contributions When Income Varies? (podcast survey)39:43 – Could Big Al Please Explain Alternative Minimum Tax (AMT)? (podcast survey)41:19 – Any Tax Law Changes That Impact Retirement Income Strategies and Estate Plans? (podcast survey)42:45 – Cryptocurrency Taxation: Treat Like Additional Income or Not Include It at All? (podcast survey)44:48 – Does Income From Investments Affect My Tax Bracket for Roth Conversion Purposes? (podcast survey)Schedule a free assessment with any one of our professionals, either online or at one of our financial planning offices in San Diego, Brea, Irvine, and Woodland Hills, California: http://bit.ly/PureAssessmentSubscribe to our YouTube channel and stay tuned for the next episode of the Your Money, Your Wealth® TV show: http://bit.ly/YMYW-YouTubeSubscribe to the YourMoney, Your Wealth® podcast: https://link.chtbl.com/ymyw?sid=yIMPORTANT DISCLOSURES:• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.#RothConversion #RothIRAConversion #RetirementPlanning