No one likes seeing an investment lose value. But in a taxable account, a loss can have a silver lining. Tax-loss harvesting means selling an investment that’s down, using the loss to reduce your taxes and reinvesting so your portfolio stays on track. Done well, it turns a market dip into a tax benefit. Done … Read more
If you’re planning to retire in Utah, or you already have, it’s worth knowing exactly how the state treats your income. The short answer: Utah taxes most retirement income, including Social Security, at a single flat rate. The longer answer is better news. Credits can wipe out the state tax on Social Security for many … Read more
For many retirees, the years between leaving work and starting required minimum distributions are the lowest-tax years they’ll ever have. The paycheck has stopped, Social Security may not have started and the IRS hasn’t yet required withdrawals from traditional IRAs and 401(k)s. A Roth conversion before RMDs uses that window to move money into tax-free … Read more