People in high-tax areas are swarming their local town halls in a rush to pre-pay their property taxes.Ed Slott, CPA and founder of IRAHelp.com, and Carrie Coghill, Coghill Investment Strategies debate the merits of that strategy.
"My real estate taxes are about $20,000 on a regular, middle-class house," says Ed Slott, a CPA in Rockville Centre, N.Y."If you're paying that and working in New York City, where your state and city taxes can be 10 percent of your income, that's a big deduction to miss."
“Put away as much as you can, wherever you can,” says Ed Slott, a CPA and retirement plan expert based in Rockville Centre, N.Y. “You want to get the benefit of the tax shelter.”
From Roth IRAs to solo 401(k)s to SEP IRAs, workers who are self-employed have options when it comes to saving for the future
The promise of tax-free retirement income is what makes Roth IRAs so appealing, according to Ed Slott, a retirement expert and founder of IRAHelp.com.
“Anyone who is self-employed is in the yoyo economy,” says Ed Slott, a certified public accountant who specializes in retirement planning.“You’re on your own (yoyo) in terms of figuring out and setting up your benefits
Should you fund a traditional IRA or a Roth IRA?Joining me to discuss the differences and how to approach this decision is IRA expert Ed Slott.
Many retirees love to hate their required minimum distributions, which they have to take from their IRAs once they hit age 70 1/2.Joining me to discuss what, if anything, retirees can do to lower their RMDs is IRA expert Ed Slott.
If you are 59½ or older, and your account has been open for at least five years, you can withdraw earnings for any reason, tax- and penalty-free, explains Ed Slott, a CPA in Rockville Centre and author of “Ed Slott’s 2017 Retirement Decisions Guide.”
