Wow--This guy is both amazing & a genius @ decomplicating tax strategies! ❤

To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?

@kevinmarten

4 күн бұрын

Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.

@LindaHaire

4 күн бұрын

There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

@JacquelinePerrira

4 күн бұрын

Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

@kevinmarten

4 күн бұрын

Impressive can you share more info?

@JacquelinePerrira

4 күн бұрын

Credits to 'Carol Vivian Constable' she has a web presence, so you can simply

As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

@MablePauls

9 күн бұрын

Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with pointers on equities to acquire

@Manselus-mn1mn

9 күн бұрын

I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.

@Stephine-un5zs

9 күн бұрын

impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now

@Manselus-mn1mn

9 күн бұрын

Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.

@Stephine-un5zs

9 күн бұрын

Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.

Finally someone breaking this down. I've been trying to tell fam and friends this.

Great content. You have a great ability to make complex concepts in an intuitive style.

@mycpacoach

20 күн бұрын

Thank you, Mike! I greatly appreciate your feedback

I didn't know many of the stuff presented here. Definitely a new channel to keep watching.

A lot of gems shared in this video, thank you. Clear explanation with good visuals. Wish you continued success.

@mycpacoach

19 күн бұрын

Thank you, Stanley!

Awesome breakdown, love the on-screen visuals. Subscribed!

Great video bro!

@mycpacoach

Ай бұрын

Thanks bro 🙏🏽

Very clear. Thank you for posting.

New subscriber! Thanks for the info!

I'm so glad I came across your channel and videos. Thank you, Sherman.

@mycpacoach

5 ай бұрын

You're very welcome. Happy to help!

I have learned so much, thank you!

1.ROTH, SEP IRA, TRADITIONAL IRA 2.TRAD 401K HIGHER CONTRIBUTIONS 3. HSA can spend money on Health Care 4.DAF DONOR ADVISED FUND. 5. SMALL BUSINESS PAY TAXES AFTER DEDUCTIONS 6. REI. CAPT D DEDUCT EARNED INCOME 7. OIL AND GAS 2 HUGE TAX BENEFITS

@herkinkz

3 ай бұрын

Thank you 💛

@dw00ds

3 ай бұрын

🙏

@danielleon5074

3 ай бұрын

SEP IRA are for poor people lol

@theodorehaskins3756

12 күн бұрын

So folks should not allow themselves to get overwhelmed by these types of investments, which is a common mistake people make, and so they never really get started on a plan that will eventually include some of these instruments that he’s talking about here in the video. So I’ve seen many people at my agency where I retired from get overwhelmed with what they should do with their money, and how should they plan for retirement, and unfortunately, the agency in the beginning, after we had a change from the old civil service, retirement, system (CSRS) to the new federal employees retirement system (FERS) didn’t do a good job of explaining the new system, so a lot of employees just gave up, and they left an awful lot of money on the table, and I’m talking billions of dollars simply left on the table, because the people did not understand how these plans actually worked. So the first thing to do is educate yourself, and to realize you don’t have to make every decision at once, and a good plan includes your spouse too, as you will be surprised, particularly men, and those who have gone through divorces or simply separated without getting a divorce can complicate their retirement picture, and the essential important things that should have been discussed way back when either didn’t get discussed or the adjust being discussed at the endgame which is way too late, but you’re going to have to discuss them at some point if you have a spouse or a significant other. So don’t do this alone, unless you have to, as obviously if you don’t have a spouse, then that’s a different story, but either way get started educating yourself and start to think about using a certified financial planner to help you develop your plan, as no one is going to do it for you, and so it’s really gonna be up to you, and a good way to get started is by asking yourself, questions about what is it that you want to achieve in your life, and how much is it gonna cost, because money is a big part of that answer, and in particular when you are nearing retirement, and based on those answers, and on your particular circumstances, you need to consider how long will you live beyond the age of retirement, which is starting at age 55, and sadly, most people, are not prepared to retire or to even answer that question, and so they’re simply not prepared to retire, because they know they don’t have enough money to do so, and so the vast majority of people who are eligible to retire, simply don’t, and so they will continue to work after retirement which is exactly what happens with most people. So are you going to, retire, meaning, are you going to retire permanently when you leave your current job or are you just going to go out and get another job? So that’s the question you need to answer, because if you want to retire permanently, meaning I’m not going to go out and look for another job, and I am not going to work for anyone ever again, and so the money question is very important here, because the question becomes will you have the money to be able to live out that dream life that you always wanted, because if your answer is no, then don’t you think you need to get started immediately putting away as much money as you can in one of these tax saving vehicles, and just as important understanding how to maximize your return on your investments, is the other part of that equation, and that has to do with your level of risk tolerance, because a lot of people simply can’t handle losses. So for those people, putting money into the stock market isn’t going to work for them, and what I have said, and I practiced this, is number 1) never invest in things you don’t understand, number 2) never invest in things that keep you up at night, because why would you wanna do that? Isn’t getting a good nights sleep, just just as important as making sure you have good nutrition, and you’re practicing distressing techniques, and getting in enough exercise, and taking care of your health, because if your health is a question now, what do you think it’s going to be when you retire? So a plan that contains more traditional investments, like fixed, income investments, we’re talking bonds, certain types of real estate investments,, utilities, etc. maybe the way for you, particularly in the beginning, and until you gain confidence that you can handle the ups, and downs, the choppiness, and the frothiness of what investing in the stock market normally entails, but whatever the mix-and-match of your investments, you happen to choose, get started by first educating yourself, and get started with a plan to achieve your long-term goal of retiring with the type of income security that will assure you that you can retire and be able to finance your lifestyle without having to depend on outside employment. Cheers 🥂

I found you right in time, just had questions about Traditional IRA and u answered them. Thank you

Love that your marked the topics with time stamps. This is second to your great advice ❤❤❤

@mycpacoach

5 ай бұрын

Thank you!

@uberdash007

2 ай бұрын

​@@mycpacoach hello does cooking oil count ? What about cosmetic oils ?

Hi There! Thanks for the great information. Can you give some specifics about oil and gas investments. Are these start up companies or etf or companies already on the stock market? Inquiring minds want to know:)

Ignorance is bliss. I knew about 401k and IRA of course, but the rest blew me away. Your video is so informative and straight to the point without the blah,blah,blah. I definitely subscribed and liked. Do you have a to be an investor to invest in Oil and Gas? Do you have video on how to invest in Oil and Gas or drop any links on how to do it? It would be greatly appreciated

Great presentation and information - subscribed!

@mycpacoach

4 ай бұрын

Thank you, Scott!

I love this! So much information I wasn't aware of.

@mycpacoach

5 ай бұрын

Glad you enjoyed it!

Nice work. Appreciate the info

This video fire and well produced. We gotta get u more followers!! Sending this to my ppl.

@mycpacoach

4 ай бұрын

I appreciate it Anthony! It's a grind.

$69,000 is an overreach for 99.9% of people. Also, 401k’s have limited investment options and higher fees. I would keep some in a taxable account. Also, 401k’s are taxable when withdrawn and will cause 85% of ss income to be taxable

You deserve much more than 12,000 subscribers. You do a great job at providing information and articulating yourself. Thank you for helping us. Subscribed!

@mycpacoach

4 ай бұрын

Thank you!

@ebells33

4 ай бұрын

I agree! I just found this channel and subscribed!!

@glendamendoza6458

4 ай бұрын

Subscribed

@zina8562

4 ай бұрын

Great comment. Halfway thru the vid and subscribing now!

Thanks Sherman for this helpful informative video I got huge value from it keep the gems coming

@mycpacoach

4 ай бұрын

I am happy to hear that. Thank you for commenting and watching. Glad you found it valuable.

Great video thanks !!

Wow! Amazing! Great information and beautiful delivery of information. SUBSCRIBED! Thank you sir for taking the time to create these videos. God bless.

I’m all for investing and keeping my tax burden low. Unfortunately this doesn’t help keep more money liquid and in the pockets of people needing it. Good ideas though.

Great info here, thanks

What sort of gas and oil investments?

How do you hetinto oil and gas investment is there a company you recommend?

Good info thanks!

How do i invest into oil and gas ? Are you referring buying stocks ? Thank you so much

God bless you for sharing this information.

@davidbrooks8809

7 күн бұрын

.. even if he did not share his information I'm sure God will bless him anyway

@davidbrooks8809

7 күн бұрын

I'm blessed just to wake up every day😊

@leggyReid4c

7 күн бұрын

@@davidbrooks8809 I wasn’t even talking to you

Dope !

Nice video, keep up the good work! Had to double check it wasn’t a 100k sub account I wasn’t aware of.

@mycpacoach

5 ай бұрын

Thank you! It's a grind.

I have real estate property which is outside the country? can I apply depreciation on it?

I'd like to know more about investing in Oil and Gas companies ... how would one do this?

Thank you for this

Disclosure to this: Contributing the max to IRAs and 401ks are considered tax deductions, but they do not reduce your taxes $ for $. If your tax rate is 12%, then the contributions multiplied by your tax rate are the tax savings. Also, the solo 401k is only an option for self-employed individuals or S Corp owners. W-2 employees outside of an S Corp owner or Self-employed business owner do not get this benefit.

@ebonyward2716

4 ай бұрын

I think that's why people still have a business and pay themselves or put kids on payroll for doing chores in addition to working more tex deductions for business owners

@HN-db5cn

3 ай бұрын

Yep, I have a business and still paying a high amount of taxes, thought a rental property would help this year, since I did not owe any taxes last year. So not sure how long I have to own the rental until it helps with lowering my taxes.

Thanks so much. Do you have a link to set up the IRA, and how can I get investment bonds. Can you make a video on this please.

@HN-db5cn

3 ай бұрын

Watch easy peasy millionaire he is the best at explaining things in detail. I haven’t found any chanel that explains these subjects as well as him. Wish he makes more videos

Great video! New sub

Start a single member LLC, create an eBay account or account on another selling platform, sell some used stuff you find at garage sales, thrift stores, or junk you have around the house. Make sure you have a dedicated space in your home…spare bedroom, garage, basement, storage shed; then you can take business deductions for the space used for the business, a portion of your utility bills, milage on your vehicle (used for business purposes), equipment used for the business (computer, tablet, phone, monitors, printers, TV, subscription services for the business, etc…). With all the biz deductions, my biz runs at a loss, which help lower me and my wife’s taxable income.

@TravelingLifeStyleNow

5 ай бұрын

Yeah, you are spot on. I used the same strategy. But, my CPA told me I could only for it for 3 to 4 years before the IRS starts to audit my business. So I show a small profit.

@idaUnchained

4 ай бұрын

Yeah, technically after two years of a loss the IRS can deem your “business” a hobby and you can’t claim the losses anymore if you’re audited. Just a heads up

@timisaac8121

4 ай бұрын

@@TravelingLifeStyleNow You might consider shopping for new CPA however the 8829 handles "rented" vs "owned" far different. BTW: LOL Audits after 3 or 4 years?? Completely laughable. But let me ask: So what?? Unless you are making stuff up? Who cares if you are audited? CPA? Over priced Bad information.

@timisaac8121

4 ай бұрын

@@idaUnchained "Technically"? Going with this? Gee. Don't let Mitt Romney and his horse business find out. Won't the tax payers intent be more relevant than losses? How long before Twitter is declared a hobby? LOL. Don't listen to me. Likely you are far more knowledge of this vital area of code.

@timisaac8121

4 ай бұрын

Great ideas!!! Say, in LLC ,where do you take the home office (8829 on Sch C) Actually, if you have a Sch C with 8829, what it the benefit of the LLC? Thanks!

When investing in an oil or gas company does one just buy common stock on an exchange or are there more specific requirements?

@ezmaass

3 ай бұрын

It's not simply buying common stock. Rather, you're investing in something like a Master Limited Partnership. Yes, there are some very good tax benefits, but these can also be very tricky investments. When considering an investment, it's best to consider the RETURNS you'll make (or what you may lose) well before you weigh the tax implications. In the case of MLPs, you may lose your shirt, and you won't care whether there was a good tax benefit or not.

Please do a video on taxes after retirement.

@mycpacoach

4 ай бұрын

Sure. Will add to queue

Great video. Thanks

how we can invest in oil and gas company

when he say oil and gas does this include oil and gas stocks??

Great video!

Great content!!

Thanks for this information !!!! I plan on applying it to all of the extra income I am going to make in the coming year.!!! # NEWMEMBER

Does cooking oil count

When you say oil and gas investments do you mean gas station purchase or something else?

Can you go into more detail on the Oil and Gas Companies? Is this like stocks or something else?

@mycpacoach

5 ай бұрын

The example referenced in the video is not related to public stocks, but are instead related private investment opportunities where you can directly invest capital into an oil & gas company.

@TheSuperDynastyy

5 ай бұрын

@@mycpacoach cool, thank you for explaining that

@chinnareddy2961

5 ай бұрын

@@mycpacoachCould you please explain how to do this? I liked your video and subscribed as well. Thanks in advance 🙏

@user-yf4yz7zj7d

5 ай бұрын

@@mycpacoachHow can an avg person do that?

@jeremyn6726

4 ай бұрын

@@user-yf4yz7zj7d we cant lol

For investing in Oil and gas, did you mean to invest in oil and gas stocks and you get a tax deduction or having your own oil and gas company?

This content is fire!!!!

@mycpacoach

4 ай бұрын

Thank you!

Hey Sherman do u have a podcast?

@mycpacoach

3 ай бұрын

Not yet - focusing on growing our audience before expanding to podcasting. Potentially towards the end of 2024!

Great Video, and thanks for the info !!!!

That’s really interesting considering the fact that a CPA doesn’t usually know all this kind of stuff, it’s usually a EA

@mycpacoach

5 ай бұрын

I'm not sure when CPAs got the reputation that they didn't know tax planning. The designation requires much more experience, education, testing, etc. than the EA.

@timisaac8121

4 ай бұрын

@@mycpacoach LOL. So you engage on generally using EA vs CPA? Okay. I would go for results but your channel.

@CraigK5thGen

3 ай бұрын

Yeah you’re 100% backwards here. I’m a CPA, and I can tell you based on many hundreds of folks I’ve worked with over the years that CPAs>EAs almost always. Not 100% of the time, but almost. The CPA exam is significantly harder than the EA test and has significant education and experience requirements. That said, there are certainly exceptions and I’ve known a few people who simply didn’t get their CPA license because they worked for a firm for many years that didn’t require or care if they had it… and then they just got too far into their career to bother. So they got the EA just so they had some sort of designation, but were in fact a great tax professional and better than some licensed CPAs I knew. On the flip side, I can’t even count the amount of times I’ve met new clients who used an EA for a prior year tax return where there was something over the head of the EA on their tax return that got botched and we had to amend. Above all else, when you hire a CPA or EA… just make sure you’re hiring the right fit for your needs. Don’t buy a Ferrari if you only need a Camry.

@timisaac8121

3 ай бұрын

​@@CraigK5thGen I've seen both and worked with both. The most arrogant and vicious are CPA. Ken Krantz in Fountain Valley was the first CPA to steal from me. I took course to learn from H&R block the most basic so I could survive being around these jerks. In fairness, the average working guy is unwilling to pay for services and build a better result overtime. The best EA in the business was James Harnsberger in San Diego. Other EAs (at least in CA) are usually former IRS employees. Best wishes for your season.

@habanerocat2241

2 ай бұрын

Enrolled Agents (EAs) are federally-licensed tax practitioners who may represent taxpayers before the IRS when it comes to collections, audits and appeals. As authorized by the Department of Treasury’s Circular 230 regulations, EAs are granted unlimited practice rights to represent taxpayers before IRS and are authorized to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled agents are the only federally-licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS. The enrolled agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department. Enrolled agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers at all administrative levels within the IRS.

Great video! I like how you break things down. So are you still with LYFE TAXES? Or is this your new business?

@mycpacoach

4 ай бұрын

Thank you 🙏🏽 and both - I am still with LYFE and this is a separate division of it.

@JesusRodriguez-ru3ui

4 ай бұрын

@@mycpacoach Thank you for replying I appreciate it!

how do you invest in oil and gas?

@als2329

24 күн бұрын

can't seem to figure that out also

Great information

How can you find oil and gas companies to invest in i have charles schwab account

Hey when one steels. Takes to believe not aware

From my understanding, one cannot do deductions for IRA if your income is over a certain level. Is this correct?

@outatthepark

3 ай бұрын

True. There is a threshold like most times

@habanerocat2241

2 ай бұрын

This applies if you are covered by an employer plan.

Sherman, thank you for this video. Great information! 🏆

@mycpacoach

2 ай бұрын

Thank you!

Pro tip: no one in the history has paid less in taxes later in life

The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.

If you don’t play the system, the system will play you.

I understand deferring taxing by utilizing tax deferred accounts. However, I completely disagree with the government telling me/controlling my money until 59.5yrs and then taxing me on it. What if you want to retire at 45 or 50?

@mycpacoach

5 ай бұрын

I understand this view. Some of the later examples in the video are great alternatives. I always tell my clients to determine their goals first, and then we’ll pick the best ways to package everything to reduce their taxes. With a good plan, you can do both - invest for early retirement (45-60) while putting money aside for a later retirement (60+).

@keithgilbert835

5 ай бұрын

@@mycpacoachI think it is important to revisit your goals frequently. Mine changed and at 50 I wish I had invested more outside of the 401k and Roth. Having nearly 8 figures in my locked up accounts is driving me crazy. I could walk away with the 300k I have in my taxed accounts. I only need 35k per year to travel and not work. I would say balance is the key. If you are disciplined you can retire much sooner than 59.5. Make sure to be wise in your taxed accounts. Taxes will get us all sooner or later. If I could change it I would go back and invest just 5% in a 401k and pile my cash into taxed accounts.

@Sylvan_dB

5 ай бұрын

You can take out the contributions from your Roth at any time without tax or penalty. If you do a conversion (like from a 401k) into Roth you pay taxes on the amount converted. And then 5 years later you can start taking out the converted dollars without tax or penalty. (Separate 5 year clock for each conversion.) But overall I am with you. My biggest regret in 2008 was that I had very little in after-tax accounts compared to my tax advantaged accounts. I've since corrected that.

@VegasPokerNomad

4 ай бұрын

A lot of people are in for a rude surprise when they're 45-55. I moved my money from a retirement account to a taxable account so I can retire before 59.5, instead of being able to retire, but needing to wait until my money isn't held hostage anymore.

@kauigirl808

3 ай бұрын

Then don't utilize tax deferred accounts. It's supposed to be a benefit for those who retire at retirement age. Not for those who stops working before that.

I have Roth IRA investing account for the retirement!

Number 8. NICER Interdiction Living Trust Permission Ledger.

Wouldn't you have to take deductions over the standard deduction of $12,000 if single and $24,000 if married filling jointly? So you wouldn't get anything from it if single and 4 ira max contributions if married to then only get about $3k off?

@mycpacoach

4 ай бұрын

Negative. You may be referring to using the itemized deduction vs the standard deduction. However, the IRA deduction is separate from this.

Now this man right here knows what he’s talking about. I mean he’s giving us the business

A lot of those were the tried-and-true basics. Was hoping for some investments that were not taxable like VMSXX/Vanguard Municipal Money Market Fund; VWALX/Vanguard High-Yield Tax-Exempt Fund Admiral Shares

@mycpacoach

5 ай бұрын

This video focuses on tax deductible investments. I did a separate video for “tax free investments”. You can view here: kzread.info/dash/bejne/paZlqM2wmMbgebQ.htmlsi=PO4m7zVDOz1A4rp1

@Scott-sm9nm

5 ай бұрын

@@mycpacoachThanks much for the follow up and letting me know. I'll check out that video and some more of yours.

Does this work with a ROTH IRA?

@mycpacoach

24 күн бұрын

Not exactly. A Roth reduces your taxes in the future. It can still be highly beneficial depending on your tax bracket. Watch this for a full explanation: kzread.info/dash/bejne/f3WktJZ8edLAgLw.htmlsi=WdRHJrJ--7cYqH0J

Very valuable thank you for sharing

I would like to know about oil and gas investment deductions. Do you have any videos ?

So HSA is pre-taxed income that can be invested and used for health expenses, but does the amount you put into an HSA account reduce your taxable income for that year as well?

@mycpacoach

3 ай бұрын

Yes it does.

@fishizer

3 ай бұрын

@@mycpacoach good to know. In terms of investing in gas and oil companies, what would be the easiest way to go about that? Including it in a stock profile?

Side note, you need earned income if you want to contribute to an Ira or Roth.

There is an income ratio also to invest in traditional roth ira

build wealth

Gym membership with HSA? WHAT!? I didn’t know that. I’ve been paying with after-tax dollars! What the heck!?

Great info

@mycpacoach

4 ай бұрын

Thank you!

Thanks for sharing 🤲🏾❤️💪🏿

Hi,can this be applied to a college student who's under 24.

@Sylvan_dB

5 ай бұрын

Age is not relevant.

1. IRA contributions have to be earned income even for a child. So you can't just open up the account and fund it unless you're able to prove the child has earned it (e.g., babysitting, lemonade stand, etc. ) 2. You can't deduct contributions to your child's IRA on your taxes which is why it's recommended to open a Roth IRA since there's no upfront tax advantages to be had for opening up a Traditional IRA.

Hi, Get you be on Medicare or medicaid?

This was great information! Provided tons of value that may save me tons of money. #NewFollower

@mycpacoach

4 ай бұрын

Glad you found it helpful!

Well, how we gonna survive if we are putting large sums in these investments/ tax free accounts. Dont we need disposable income for these things?

@mycpacoach

3 ай бұрын

Survival comes before everything.

wait, so you're saying that oil company I invested in years ago that has gone down in price point, in my brokerage account; I can use as a write off? - I'm just trying to understand "how" I could do that.

@mycpacoach

5 ай бұрын

The oil & gas investments the video references are private investment offerings typically offered to accredited investors. They aren’t typically purchased with brokerage accounts.

@eio69470

4 ай бұрын

​​@@mycpacoach I feel that your video segment on Oil investments was a little too vague. There's a huge difference between what you describe in the video versus here in the comments. When you consider how many people qualify as an accredited investor vs a regular person who might try to just buy stock. This key difference, which you elaborated on in the comments, should have been explicitly addressed in the video itself.

Wow! 🤯🤯🤯

Which tax form do people file to apply for the Child Tax Credit with no income? Also, one of the dependants work 5 week in the summer.

I'm only halfway through the video and I have never been more excited about taxes in my life😂.

Hi! My husband has a 401k on his new current job but no matching contributions. He also has 2 more old 401ks from previous jobs is there a way to merge all accounts in 1 like a roth acc?

@kirkNJ

4 ай бұрын

you can rollover the 401k funds from a former employer to a Roth IRA at any investment like Schwab, Fidelity or Vanguard. I have done a couple of times. You just fill out some forms.

@habanerocat2241

2 ай бұрын

@@kirkNJ That is a conversion not a rollover. And the converted amount will be taxable. However a 401k with an old employer can be rolled over to the new employer if the plan allows it. Otherwise you can rollover the old 401k to a traditional IRA.

@kirkNJ

2 ай бұрын

@@habanerocat2241 you are right. You can rollover into a traditional IRA, not a Roth. thanks. I corrected my comment.

I recently moved $10K from my previous employer’s 401k account into a rollover IRA. I made no contributions neither I have invested. Would it make sense to open and move this amount to a Roth IRA? Should that be done by the end of the year?

@meximelt4444

5 ай бұрын

Assuming you did a DIRECT rollover to combat the taxation? Whole life insurance is going to protect your assets when the stock market crashes. What’s happening in Germany is coming here soon enough. Read read read 😢

@timisaac8121

4 ай бұрын

LOL. So what did you find out? I gather you have no relationship with a tax professional you trust. It depends is the answer to your questions. If you don't pay for professional advice you pay more in tax right?

Good info

Hi regarding oil and gas,do i need to be an investor?owner or a consumer? Pls enlighten me bec it’s my first time to hear these. Thank you

What an amazing video & information. The first time I saw him, thank you.

IRA and 401K, tax deferral....not tax deduction? when I start withdrawing I pay taxes at that time on all the initial and the gain, correct?

@mycpacoach

4 ай бұрын

Correct. Tax savings are generally created as a result of different tax brackets. People who save the most money use these accounts in higher earning years (higher taxes) and withdraw during low earning years (lower taxes).