Articles
2017 Solo 401(k) Contribution Deadlines and Mechanics
As 2017 comes to an end, it is critical that Solo 401(k) owners understand when and how to make their 2017 contributions. There are three important deadlines you must know if you have a Solo 401(k) or if you plan to set one up still in 2017. A Solo 401(k) is a...
GOP Tax Reform and Retirement Accounts
Its official: We have tax reform. But, how does it affect your IRAs, 401(k)s, 529s, Coverdells, and other retirement and education savings accounts? Let’s break down what’s new, what was proposed and didn’t make it, and what stays the same. New Changes for 2018 There...
Tax Planning for Bitcoin and Other Cryptocurrency Profits
Bitcoin, Ethereum, Litecoin, and other cryptocurrencies have seen dramatic price increases this year. Have you thought about cashing in? Are you wondering how will you be taxed? Cryptocurrency is a Capital Asset The IRS has clearly stated that cryptocurrency (aka...
Forbes Article on Complex Self-Directed IRA Rules
A recent article on Forbes by Bryan Ellis outlines the importance in making sure you understand self-directed IRA rules before you invest. Check out the excellent article and a quote from yours truly here. Also, Bryan has a significant amount of additional resources...
Republican Tax Reform Eliminates Coverdell IRAs and Roth Re-Characterizations
How does the proposed Republican tax reform impact your retirement account? Well, if you save for education expenses for your kids or grand-kids using a Coverdell Education Savings Account, you’re not going to be happy as new contributions to Coverdell accounts are...
4 Reasons to Ditch Your SEP IRA for a Solo 401(k)
If you are self-employed and use a SEP IRA to save for retirement, you should carefully consider moving those funds to a new Solo 401(k) (aka "Solo K"). Both SEP IRAs and Solo Ks are retirement plans commonly used by self-employed persons with no employees, such as:...
IRS Announces 2018 Retirement and HSA Contribution Amounts
The IRS announced new contribution amounts for retirement accounts in 2018, and there are some winners and losers in the bunch. The biggest win goes to 401(k) owners, including Solo K owners, who saw employee contribution amounts go from $18,000 to $18,500. Health...
The IRS Does Not Approve IRA Investments – “IRA Approved” or “IRS Approved” Terms Are False
There has been a significant increase in the amount of marketing directed towards IRA owners for non-publicly traded investments. Many of these investment sponsors and promoters are using marketing slogans like “IRS Approved” or “IRA Approved”. Don’t be fooled though,...
Penalty-Free Early IRA Distributions for College Education Expenses
Do you have tuition or other college expenses due for yourself, your spouse, or your child? Would you like to use your IRA to pay for these expenses? Would you like to avoid the 10% early withdrawal penalty for accessing your IRA funds before you are age 59 ½? This...
Self-Directed IRAs, the DOL Fiduciary Rule, and Private Investment Denials
The so-called “DOL Fiduciary Rule” went into effect in June and has caused negative repercussions on self-directed retirement account investors who self-directed their IRA, 401(k), or pension into alternative investments. Many self-directed...
