October 2008 |
Thursday, October 16, 2008 |
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Year-End Tax Planning Tips
 As year-end rapidly approaches, it's a good time to take a look at your tax situation. You still have time to take action that could reduce your income tax liability for 2008. Once you have an idea of where you stand for 2008 with your income tax situation, you can evaluate some tax planning strategies that may reduce your income tax burden in 2008. Here are some tips to consider.
[FULL ARTICLE]
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Accelerate Your Retirement Savings
 Don't just give up on your retirement goals if you find you've entered middle age with little to no retirement savings. Sure, it may be harder to reach your retirement goals than if you had started in your 20s or 30s, but here are some strategies to consider.
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You're Never Too Old for a Roth IRA
 Even if you're retired, consider contributing to a Roth individual retirement account (IRA), provided you have some earned income. In 2008, single taxpayers with modified adjusted gross income (AGI) less than $101,000 and married taxpayers filing jointly with modified AGI less than $159,000 are eligible to make a nondeductible contribution to a Roth IRA.
[FULL ARTICLE]
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Should You Defer Income Taxes?
 Should you pay income taxes now, so you can withdraw funds after retirement tax free? Or are you better off delaying income taxes until after retirement? This is the basic decision when choosing between a traditional deductible individual retirement account (IRA) and a Roth IRA, or between a 401(k) plan and a Roth 401(k) plan.
[FULL ARTICLE]
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Your Family's Finances
 In many families, one spouse takes primary responsibility for the family's finances, doing everything from paying bills to making investment decisions to reviewing insurance policies. If that spouse dies first, the other spouse may have difficulty taking over these tasks. Thus, as the primary money matters person in your marriage, one of your most important financial duties is to prepare your spouse to handle the family's finances.
[FULL ARTICLE]
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Michael has been helping investors achieve their goals for the past eight years. He began his career with Fidelity Investments, and then in 2002 he launched his independent advisory practice.
Michael is among a select group of 150 investment professionals in the US to hold certifications in wealth preservation (CWPP) and asset protection (CAPP). Using this expertise, Michael helps our clients to minimize tax expense, protect their assets, and plan their estates with some of the most effective strategies available to investors and business owners anywhere today. He also holds Series 7, 63, and 65 securities licenses.
Michael currently resides in Prosper, Texas with his wife Barbara, and son Zachary.
Feel free to contact Michael via e-mail at
michael@selectwealth.net
or visit our Web site
www.selectwealth.net
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Published by Integrated Concepts Group, Inc.
Copyright © 2008 Integrated Concepts Group, Inc.. All rights reserved.
Securities and advisory services offered through VSR Financial Services, Inc., a registered investment adviser and member FINRA/SIPC. Select Wealth Management and VSR Financial Services are not affiliated companies.
Some information provided in this newsletter was prepared by Integrated Concepts. This newsletter intends to offer factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects. Professional advisers should be consulted before implementing any options presented. No party assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material. |
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