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Summer is here. Tax season has come and gone and even those of us that extend can probably ignore our taxes for a few months. However, I thought I would take this ignoring of taxes issue head on with a discussion of income taxes. Over the years, I have noticed that typically, my friends, family, acquaintances and clients have at least a few misconceptions of income taxes. Three Misconceptions: Marginal tax rates generally don’t apply to all income Deductions and income tax credits aren’t [...]
Health Savings Accounts (HSAs) I have spent many hours discussing the relative advantages and disadvantages of Roth 401(k)s versus Traditional 401(k)s. The answer in that debate? It depends ... but what if you could have the best of both? While Roth plans generally give you tax-free distributions, you pay taxes prior to contributing dollars to the plan. Conversely, Traditional plans allow your contributions to avoid current taxation, however you pay taxes on your distributions. So the IRS gets you on the way in or on [...]