In this post I will summarize the Washington State Capital gains tax and explore some planning strategies to reduce or potentially eliminate your exposure to the tax. The Washington State capital gains tax, while fairly straightforward, has several key differences from federal or other state capital gains taxes. As a disclaimer I am only a […]
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Tax diversification in retirement is just as important as investment diversification. Regular readers will know that there are many paths to wealth. One of these paths is saving and investing steadily into your 401(k) or company retirement plan over a career. I think of this as the ‘get rich slowly‘ plan and it has proven
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A market downturn is upon us. This post will contain a few positive actions to take while the market is falling. Most of these ideas assume you had a financial and investment plan in place already and did some preparation for this during the bull market. Even if you didn’t have a plan before, now
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Typically, funds in your 401k from salary deferrals and company match are contributed on a pre-tax basis, grow tax-deferred, and are taxed at ordinary income tax rates when you eventually withdrawal the funds in retirement. It is possible however, to pay tax at the lower capital gains rate on employer stock in your 401(k) with
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An important question in your retirement journey is, “should I roll over my 401k to an IRA or leave it in my employer’s plan”? This decision can be triggered due to finding a new job, being laid off, or retiring. While it seems straightforward, there are several important factors to consider when deciding whether to
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Your 1099 tax forms from your brokerage firm contain a wealth of information to help you plan for 2025. Reviewing your 1099 tax forms can help you not only accurately report your taxes, but may also uncover tax planning opportunities. These forms should be available from most brokerage firms by late February. Typically these 1099s
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In college my dad gave me his copy of The Millionaire Next Door. I devoured the book and a lifelong interest in financial planning, wealth building, and investing was born. Reading the right book at the right time can have a huge impact on your future. Here are some brief thoughts on five personal finance
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Tax season has started for computing and filing your 2024 taxes. While you do that, it is not too early to start planning ahead to make smart tax moves in 2025. Forward looking tax planning can help you save on taxes and potentially build more wealth in the long run. You can start with these
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Gifting highly appreciated stock is arguably the most effective way to give to charity while maximizing the tax benefits. By gifting appreciated stock you can maximize your tax benefits which may help you build more wealth in the long term and therefore more ability to give. This is especially valuable when used in conjunction with
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Capitalist markets often generate economies of scale in finance, which tends to concentrate wealth and power. John Coates, from “The Problem Of 12: When A Few Financial Institutions Control Everything” Over the past couple of decades corporate America has been increasingly owned by large Index funds (for public companies), and Private Equity (for private companies).
